Demand is far from high, when people tell their friend they can be paid just for writing content do you think these people go wallet in hand to buy steem?
You want to know what is holding the price? A 480 BTC wall , thats nothing when you know how many steem are ready to be dumped.
A lot of fools are willing to speculate on the price going up. The bubble has to run its course before see Steemit implode. You are wishful thinking if you think all investors prefer to blog than speculate. They may even do both.