Could be any of these, spot on!
But #Bitcoin is going up until it eats everything. Once we are 2-4X the market cap of Gold ($1-$3 million/Bitcoin) opportunity is best ever in human history.
Then the rest will just use/earn Bitcoin - I'm 61 and as excited about the future as I have ever been. Amazing what Bitcoin will do.
As for the short term - it really does not matter. We are on an unstoppable trajectory with some serious volatility until it stablizes at maybe $100 trillion market cap. Calculate that cost/Bitcoin - it's good practice! And we all need to read more books and learn more about the fiat system!