We all saw China frantically purchasing all at once, thereby shoving the price from $300 to $1200 practically overnight.

Now all that nonsense is gone, Gox failed, etc.

I just read an article today stating:

"The number of business accepting Bitcoin as a currency has grown sharply in the last year.  They now number in the thousands."

At some point adoption levels need to start "latching into" the market price, and begin "dragging it upwards". At some point, speculation value will be replaced by demand, right? Its just strange to me that we aren't seeing that yet.  I often wonder what the "true value" of a Bitcoin is, if you were to eliminate speculation.

By true value, I mean its value supported 100% by adoption, commerce, and demand for more.  We must still be in the lower hundreds.  Because despite thousands of new merchants, the price doesn't seem to have begun nudging upwards permanently.

-B-