kinda. bitcoin was crated to be p2p digital cash. it's right there on the whitepaper. but, it turns out, it could never really be that without privacy. on top of that we had the scaling issues too. so we see what we see today: people and institutions hoard bitcoin but don't really use it much (not a criticism btw, I do the same because it's logical). many are convinced it's the ngu aspect that makes people not want to spend. I'm sure that's a factor too, but speaking for myself it's 20% that and 80% the fact that I'm either doxxing my stash every time I transact, or I am employing inneficient countermeasures like coinjoins and then I'm passing the hot potato to the other guy, because now they own tainted bitcoin. so, I do one thing and one thing only with my bitcoin. sell it for #monero on retoswap when I need to make larger purchases. if bitcoin was properly private and anonymous, this would be a redundant step. but it isn't, so it isn't. in the mean time the bitcoin served its purpose, went up in value (not always but usually).

that is because they serve different purposes as i said bitcoin became store of value; great for protection from inflation and for purchasing things that may require documents for protection (cars, homes, lands) and less privacy is what people search for this ones;