desperation and high hopes of the hodlers and miners isn't sure footing in my book. The price has to either go down enough, or there have to be new markets that will cause proper rise in demand
it doesn't matter whether the demand is reserve or consumption -- its all demand. miners who hoard until profitable, with ever increasing costs to play, and holders who hold, constitute reserve demand.
it is silly to pretend that only utility gives bitcoin value. there are many sources of value. market value is simply demand. market value is not utility value or productive value. the sources of market value are as diverse as the sources of demand, and no more diverse.
bitcoin has no productive value without market value, without demand. demand is required in order to provide bitcoin with its utility value. it is unlike things which do not function as currencies in that regard.
hoarding bitcoin adds to its productive value as well its market value.
a more liquid market will not require hoarders. but liquidity will not be self-supporting until the market value is much higher. meanwhile, it is just like hdparms little beetle. we need more hoarding in order for the market value to reach a level where the usability as currency is improved. more market value motivates entrepreneurs, motivates awareness, motivates participating in the economy.
Reserve demand can only hold up for so long, and we can see this from the price movement of the previous months. Utility gives bitcoin any value in an idealistic perspective, that was brought forward by some self-righteous posters here. Real thing that gives bitcoin value is it's attraction for speculation.
More market value, together with most of the market owned by anonymous hands, only creates bigger risk. If market value would rise together with the bitcoin market ownership becoming more transparent, then we could talk about it attracting participation. Smart investors never invest into something that has unknown variables that could drastically change the value of investment.