As long as bitcoin has intrinsic value (which we agree it does), the price can boom due to economic conditions, just like the precious metals.
where's the intrinsic value? i don't believe anything has intrinsic value in the great scheme of things. value's awarded and mutually agreed, it's not a concrete thing.
Intrinsic may be the wrong word, yet describing bitcoin fundamentals and utility may justify the same conclusion that bitcoin is valuable as it has been created and has the ability and the potential to fill various niches in ways that are currently inadequately fulfilled.