I'd say non-financial usage is the appropriate measure. My dollars are a good currency because I pay my mortgage in them, I buy groceries in them, I get my payc

I'd say non-financial usage is the appropriate measure. My dollars are a good currency because I pay my mortgage in them, I buy groceries in them, I get my paycheck in them, I pay my friends for my share of dinner in it. The usage towards "stuff" that the economy is made of (activities, goods, etc) should be the measure. I have yet to see bitcoin make a dent there. It seems like bitcoin has actually gotten harder to use there than when I first encountered it. Until then a bitcoin is like a call option or financial derivatives or really exotic instruments. Financially very relevant, heavily used, but so niche that it's of no relevance to basically everybody.