To some degree that has already occurred. I would say some combination of #1 & #2 is the most likely scenario.

The academics and economists are fighting over the definition of bitcoin, but the fact is that bitcoin is all-in-one asset class, that can be used in different ways depending on the individual's needs and context.

Bitcoin is everything; a currency, a store of value; a means of exchange for the digital age; a global, censorship-resistant monetary asset.