Demand WILL remain stable tho...
The idea is that speculators price bitcoin at say 1mill / bitcoin even tho raw-damad only accounts for a price of 0.4-0.5 million / bitcoin.
the raw demand can go up down and sideways yet the speculators still price bitcoin at 1 million / BTC
We're talking about different things with regards to "price" I think. You're talking about the bitcoin price in dollars (/fiat) and I'm talking about goods prices in denominated in bitcoin (in a hypothetical bitcoin denominated economy).
In the latter case, there is no speculation in bitcoin itself.