The exisiting settlement system serves the banking, regulatory and foreign policy interests of the US better than a distributed ledger would, so those instituti

The exisiting settlement system serves the banking, regulatory and foreign policy interests of the US better than a distributed ledger would, so those institutions have no incentive to switch. The only people who have reason to use Bitcoin (or have ever used it) are individuals wanting uncensorable transactions. Bitcoin isn't intended to be used for carrying your life savings around on your smartphone. It's a fast, cheap and secure way to send money over long distances.