This is an interesting discussion. However, realistically speaking, bitcoins seem to be more useful as a store of value rather than as a medium of exchange. Perhaps bitcoin's utility in the future will be like that of gold--good for storing value or backing other currencies, but not so good for buying things.
That scenario will mean the death of bitcoin because its only intrinsic value is its utility as a medium of exchange. In order for the currency to have any value at all, the Bitcoin system must be viable. Speculative bubbles like this one are the direct result of bitcoin being overvalued as a store of value.