I think this is the last phase because it's a collective action problem. Bitcoin itself didn't have that problem because it advantaged early adopters.

How do we advantage early adoption of bitcoin as unit of account? It's not going to be "why don't we buy more stuff from businesses that use bitcoin as unit of account", because that just moves the collective action problem, it doesn't solve it.

It especially cannot happen if so much is short term demand comes from leverage, or if the bitcoin mining industry is leveraging up to convert to AI data centers, which creates volatility.