What we are seeing right now is the death of the dream of the new universal monetary unit that some imagined BTC would have become. At some higher level it will always be a unit of exchange, but not for the masses. At the same time, after a technological breakthrough, we are witnessing the birth of an ecosystem of services that would offer tremendous value to a big portion of the population. Today, it seems that this ecosystem is going to be built on 12 million "system units" or "shares" called bitcoins, which is what gives them a speculative and theoretical value far beyond today's value.

The value of Bitcoin must go down for all that it cannot and will not be. Similarly, it will go up for all that it can and will be.