Your fear will only come true if massive inflation hits most countries and only a few nations try to control the world. Then we might start using Bitcoin for transactions as a way to fight inflation. But that's not why most people buy Bitcoin. Most long-term holders believe Bitcoin will bring them profit, and they still trust fiat money for everyday transactions. Even if there are signs that inflation might rise soon, for now, the inflation rate is still tolerable in most big countries, so it doesn't really scare ordinary people.
Truly it doesn’t really scare the ordinary man and I also agree with you that, most of the long time holder simply believe that, bitcoin will bring them so much profit and that’s the major reason they’re holding and they still prefer to use fiat in their daily transactions which most times, it’s inevitable for now if you ask me.
Secondly, there are several reasons why people, especially people who feed from hand to mouth might be able to own any bitcoin and with the help of the DCA method, there wouldn’t be any time too late for anyone to dive into the market regardless of how much the price of bitcoin might be as at the time.