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.
speculation will happen regardless of if bitcoin is dollar denominated or goods are denominated in bitcoin
in the end, if everyone expect an apple to be worth 5 sat then it is worth that.
how did it come to 1 apple = 5 sat
well....
there's a fixed supply of coins
there's a variable but fairly stable trend on demand for coins
and there's speculation as to the future demand for coins
and there's a supply of apples and a demand for them....
bla bla bla we come to 5 sat / apple and at that point....
I expect 5 sat to buy me 1 apple today
I expect 5 sat to buy me 1 apple tomorrow
and i expect 4 sat to buy me 1 apple 40 years from now.
there you go i am speculating on the future value of BTC without having its value denominated in dollars.