Most people who invest in Bitcoin plan to keep it for a long time, like around 80%, according to statistics. The current idea that seems like a sure thing is to buy small amounts over time and hold onto it.
Everything that the price appreciates is good for investment. People also buy gold and even other currencies and keep them till it becomes profitable.
Remember when Bitcoin was supposed to be used for sending money directly to each other? I know there are ways to make it faster and cheaper, but there are newer and better choices now. Plus, the price needs to be steadier to work as money you can use every day.
People still use bitcoin for payment but it is not widely spread due to government policies and regulations. The price of bitcoin is not stable because it is currently speculative. But in the future, it might become stable.
Some people say Bitcoin is great to keep your money safe. I don't get that. A good way to keep your money safe means its value doesn't change much. But Bitcoin's value goes up and down a lot, so it's risky. Why trade the safety of government-backed insurance for something that can change so much?
Investing in the bitcoin market is not for everybody. It is for those who invest what they can afford to lose. And you cannot compare the profitability of bitcoin with other less risky investments.
Also, the price is going up mainly because people think it will. Everyone's buying Bitcoin because they think "it went up before, so it will again." Or "it's the main cryptocurrency, so it's valuable." But is it really useful or is it just worth more than it should be? I think it's the second one. And saying other coins should be worth as much as Bitcoin is crazy. Some of those new coins are already being used and have real value.
What is the worth of a designed paper called fiat? Its value is on its acceptance as a legal tender. Bitcoin is even more valuable because it costs some amount of resources to mine. The real worth of bitcoin is the adoption and acceptance by people that it is a valuable currency and asset.
Bitcoin will continue to go up and people will either begin to use it as it was intended again or is it possible for it to become obsolete.
Nothing of value ever becomes obsolete. Gold has been in existence for ages but it is still valuable. As much as bitcoin remains valuable it will never be outdated.