I agree that the lack of regulation is probably the main reason for volatility. But that's if we're talking about the regulation in the sense of monetary policies, controlling the supply and setting state regulations of the price. If we're talking about regulation in a sense of legislation related to Bitcoin, then I don't think such regulation would affect volatility. So this first cause will stay out there in the future, as Bitcoin's supply is fixed, and Bitcoin is decentralized by its nature. The second reason, as you can probably see from my elaborations above, is very close to the first one for me, as it's because of the lack of price and supply regulations that the price depends on demand and supply and can't be artificially stabilized in a way fiat can be. As for lack of confidence in Bitcoin, I'd instead put the reason of low adoption: I do believe that if Bitcoin gets as widespread as smartphones, it will get for stable. And finally, world conflicts are something that can indirectly (via FUD) affect the price, yes, but I don't think it should count as a fundamental reason.