At some point I am really messed up and lost in vein when it comes to bitcoin's price. I think that every second it gets more and more a victim of speculation and gets abandoned from its original idea.
If bitcoin could perform very well at 6K some months ago, why it become 60K after some months? And then it went back to 30K but was still functioning very smoothly, i.e. it was doing the job it was created for.
Again, If bitcoin could perform well at 30K some weeks ago, then why it worth 60K right now? I just don't get it when people say that bitcoin isn't speculated and all of these prices are just natural.
Your question reminds me that some people will never truly understand why crypto is high priced. It is clear that we are not going to have anything resembling instinct value in crypto. Closes we got was miners and their costs to mine bitcoin but they are mining so little compared to how many we already have, we are already close to 21 million coins, it is getting slower and slower, and we are not going to be mining faster neither, it is going to get slower.
This is why I believe that we should not be looking at "why" but looking at "how" which would help us understand the situation better. It is not because bitcoin is perfect, we all know that it is not perfect and I understand it, the main problem is that fiat is so horrible, all the other investment methods are so horrible that bitcoin seems a lot better when you compare it.