I think that at an early stage of adaptation, the growth of volatility and the periodic deflation of bitcoin is normal. The same happened in the history and with real currencies, for example, with the US dollar. But the difference between a virtual currency is that investors do not use it in the early stages as an instrument for accumulating capital, but for speculative purposes. Thus, the currency at an early stage provides an interesting ground for simultaneous observation of speculative demand for currency and volatility. Alternative transaction technology plays an important role in determining final demand. The growth in the supply of currency is predetermined, so the future demand for virtual currency for payments is one of the main parameters of the model's instability.