Obviously Bitcoin price; the amount Bitcoin is worth at a particular time, and Bitcoin usage; the rate at which Bitcoin is adopted and used. The above phenoms surely has implications, one may be tempted to as; which is more important? The interesting fact is, price affects usage both positively and negatively. An increase in price attracts high usage, and vice versa. Conversely usage also affects the long term pricing of Bitcoin. Price has short term implications, usage and acceptance has long term implications. From the aformentioned, I can conclusively say; Price and Usage are phenoms that can influence the volatility of Bitcoin
In my opinion, all of these are interconnected. Not only that, but I also think that Bitcoin's supply is limited or scarce. Due to its limited nature and potential to retain value over the long term, it makes it a popular choice for those seeking to protect their wealth from inflation or economic instability. Furthermore, Bitcoin's rising price often attracts more investors and new users. High prices can increase public confidence in Bitcoin as a valuable asset.
The level of adoption among various groups and other Bitcoin users, including individuals, government institutions, and private companies, can influence the price in the long term. The more people who trust and use Bitcoin for transactions in terms of payments and other things, the greater the potential for large demand for Bitcoin, which can increase its price. Conversely, if usage decreases, demand may also decrease, which can cause the price to decline.