Calling btc a commodity is vague. Dirt is a commodity, so is time and data. Calling btc a fungible commodity is more specific, but that description alone doesn't really add any use cases. If btc is not used as a currency or a store of value, all it is is a proof of concept for the blockchain and we should drop it for whatever crypto currently does the job the best.

But btc has the potential to be an amazing completely functional currency. All we need at the moment is faster transactions. Be it faster or larger blocks, it would lower tx fees and increase public/corporate interest. With both a larger user-base and wider acceptance the fiat value would be more stable. Anything else is up to rng and time.