I think the worse case scenario for Bitcoin is that it never transitions to an everyday spending currency.

The blessing of Bitcoin (that it can't be easily confiscated and no more can be made) would also be its curse in that case. Imagine an asset like Bitcoin that grows forever in value, generally, but instead of having to spend it to use it, you just take loans out against it forever. This will effectively turn Bitcoin into a digital fiefdom. Elites and early adopters could sit on their huge Bitcoin stacks forever, taking out loans against it in USD and paying them off by taking out another loan. Because Bitcoin can't be confiscated, there's no bloody revolution that can save you.

This is why I hate the sentiment that Bitcoin as a savings account is "good enough." No, it's not. If Bitcoin doesn't become true money, then it will just become something that benefits a very tiny few and no one else will ever have a chance to get it.