The volatility of Bitcoin has led to the shift in engagement because the price of Bitcoin can sometimes determine engagement. Like the economic variables; demand and supply. An increase or decrease in price, can lead to n increase or decrease in demand, conversely an increase or decrease in price can also lead to an increase or decrease in supply. From the aformentioned, one can say, the demand and supply can influence the price of Bitcoin. Can more adoption and engagement influence the price of Bitcoin as st a particular date?
Of course supply and demand can affect the value of Bitcoin because if people did not have a demand for Bitcoin then the price of Bitcoin would not have increased. Bitcoin has become so expensive for people today and has become very popular because of the high demand for Bitcoin by people. Not only the demand but it has a total supply which cannot be increased or decreased due to which people are buying Bitcoin from a certain supply due to which the price is increasing. Now imagine that there are about 8.1 billion people in the world and there are 21 million Bitcoins now if we calculate from 8.1 billion people to 21 million Bitcoins then there will be very little Bitcoin per person so the total supply of Bitcoin definitely affects the price of Bitcoin and the demand of people for Bitcoin affects the price of Bitcoin