Merchants choosing to accept currencies rather than just not make a sale at all may be a little binary thinking. I could see a world where merchants offer a discount for transactions made with bitcoin, since both parties save on what would otherwise be more expensive credit card fees. Which incentivizes the spending of Bitcoin. In addition to the reality that the more one spends in Bitcoin on every day expenses, the less spending money has to hold in other currencies. This is reliant on scaling solutions being more fully built out, but that seems like the primary hurdle to me, as opposed the hard supply cap. Also, could you elaborate on what you mean by fractional L2? I.e. paper Bitcoin that can be inflated? I think it's possible the market, after a few tough lessons, will learn to value non-fractional L2s over fractional ones in that case.