There is a number of factors involved that can be related to Bitcoin's price. This is where in my opinion you are right. With an increasing number of users does utility increase. With increasing utility, the number of potential use cases increases, which in turn attracts more users who increase utility and so on and so forth. I have observed that myself repeatedly. People sometimes asked me what they can do with Bitcoin. My answer used to be very short as you can imagine, but by now there is a number of things you can do with it and with the number of things constantly increasing, more and more people decided to hold at least a little bit of Bitcoin.

Although this is not a use case anyone has been looking forward to, being able to pay for VPN services in Russia these days still is a use case of great importance. The same counts for other countries that are trying to shut down VPN services. The easiest way is to block traditional payment methods from facilitating transactions for those services. That's not possible with Bitcoin. There are several use cases where political control or oppression is involved. Especially when you live in areas with uncertain social, economic and political conditions, I think it makes a lot of sense to hold some Bitcoin. Doesn't even have to be a lot, but maybe enough to preserve some flexibility just in case.