Yes that may be true, but that also means BTC is essentially in a deflationary period as the buying power of the currency is currently going up with time (unlike most Fiat, which the buying power tends to decrease during an inflationary period) so holding BTC makes sense to a lot of players with it. So there is a bit of an incentive for its use as a speculative instrument.
A lot of the speculative buyers don't really understand how volatile BTC can be and that it is a usable currency.
The reason I say its in a deflationary period (while demonstrably false as more BTC are being produced by miners) is because its BTC / person interested in BTC seems to be decreasing.
A lot of the speculative buyers don't really understand how volatile BTC can be and that it is a usable currency.
The reason I say its in a deflationary period (while demonstrably false as more BTC are being produced by miners) is because its BTC / person interested in BTC seems to be decreasing.