It is being steadily accumulated by ETFs and other institutional custodians who expressly prevent and prohibit its use as a P2P payments protocol. Within another 3-5 years most Bitcoin will be held by US institutions who hold it as a speculative commodity, not as a MoE.

MoE use of Bitcoin is effectively obstructed to the point where it could not facilitate any significant trade volumes anywhere. Bitcoin has been and is being captured and controlled as a speculative commodity that does not threaten fiats MoE hegemony.

Scale and liquidity is required for trade payments- this is what has given the USD dominance- this is what has held back Euro bond markets- Bitcoins scale and liquidity are simply inadequate to enable any serious scale trade payments.