How is it possible for Bitcoin to grow when most people will always hold sovereign currency?

People live in sovereign nations, and do the bulk of their transactions in sovereign currencies. Some of these transactions can be done in Bitcoin (like online purchases), but most will always have to be in the currency of the nation. For example, your mortgage payments, your salary, your taxes, and so on. This is the bulk of most people's transactions.

Because of that, people will always need to hold the bulk of their wealth in their sovereign currency.

How then is Bitcoin supposed to grow?

It seems to me that the Bitcoin cannot become bigger than just an "internet currency". It will be used for various transactions online of minor goods, as well as in certain real-life places like restaurants or shopping malls, but it will never become a currency that people hold the majority of their wealth in.



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