i think slowly overtime bitcoin is switching from an investment asset to a P2P currency. in my opinion, this is going to happen very slowly over many years. when bitcoin was first released in 2009, no one really used it at all. bitcoin prices were less than a cent, basically nothing.  the market cap was so low. this made it so easy for bitcoin to literally pump and 100x - 1000x in price in a very short period of time. obviously only a very slim percentage of people gained from the huge spikes bitcoin did in the early days, because bitcoin wasn't well known, not a lot of people were invested into bitcoin. slowly overtime, more and more people get invested into bitcoin, the market cap grows over time, and it becomes harder for those huge bitcoin 100x spikes. flash forward to now, bitcoin is still very volatile, but now it doesn't go absolutely crazy like it used to in the old days.  depending on where we are in the 4 year cycle, it can 3-4x now, in maybe a year or so, nothing like it used to, obviously this is due to the market cap so massive now this market cap cant be multiplied as easy as it used to. as time keeps going by, i think we still will have bull markets and bear markets, but i think as bitcoin has been doing over time, it will continue to stable out slowly but surely. because bitcoin is stabling out, thats why I believe bitcoin is ever so slowly switching from an investment asset to a P2P currency.