Bitcoin as we know it is supposed to be utilized like money for everyday transactions but aside from this, just like the physical gold, it is mostly known as a store of value that can increase and decrease suddenly in a matter of some blinks of the eyes (well, literally and figuratively). Now, that bitcoin is on the rise, so does speculations though I see nothing wrong with this but the problem can be the imbalance.
It is estimated that "only 1.3% of economic transactions came from merchants in the first four months of 2019, little changed over the boom and bust cycles of the prior two years."
Personally, I would rather hold my bitcoin that spend it because I am looking forward that soon it can go beyond the $20,000 (or almost) reached in 2017. I am sure that am not alone with this mindset right now.
Is there really something wrong with this scenario for bitcoin?
I guess there is nothing wrong on this scenario since Bitcoin is not totally related to how economy is concerned. For my own point of view, Bitcoin has it's own positive impact on people but not in a countries economy.