I don't like to post again, but it seems no one can figure out obvious analysis without my posts.

I guess I am not surprised Risto that you haven't figured out the math yet. I guess you just aren't that bright. I have had many indications of it.

It BTC was a unit-of-account at merchants, then all BTC spends would never enter the market as asks for fiat.

The fiat bidding to invest in BTC is not increased by those Bitpay transactions, thus there is an increase in asks / bid ratio. Thus price must goes down in order to balance.

Only a dunce can't do that math.

znaky, how do you know I haven't used BTC to buy things with merchants that take Bitpay? How do you think I could otherwise anonymously purchased the domains for an altcoin. I guess there are anonymous Visa debt cards, but would be much more hassle. Didn't think of that huh before you started your ad hominem diatribe.