In a deflationary global economy, where we have a stable monetary policy and the Fiat money can keep his real value, I think bitcoin may have more challenges to prove his perfermance as an investment asset and as a store of value as well.
Because of that his major advantage is anti-inflation result of scarcity (just 21 unit), the demand for bitcoin will significantly increase in a stable economic environment. This means that without inflationary pressure that push investors to look for safe havens, the demand for bitcoin as a long term investment asset will definetly decline.