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?
It is no secret that the force of supply and demand also affects the Bitcoin market. Adoption increases the demand for Bitcoin which could lead to an increase in the price. As much as we know that these forces control price, it will be difficult to specifically predict the actual price of Bitcoin at a specific time due to adoption. We can only speculate because other factors that are beyond our control influence the price of Bitcoin.
You are right. The global adoption of Bitcoin can increase its value. El Salvador has done this and several states in the United States have passed laws to keep Bitcoin as a strategic reserve. In addition, countries around the world have accepted Bitcoin for intra-trade transactions and the demand for this digital asset is gradually increasing.
With a supply of 21 million, the value of Bitcoin is already increasing significantly and is expected to reach $180k -$200k this year. In particular the demand for Bitcoin is increasing aggressively due to the shortage of supply. Not only the adoption of states, but also the regular accumulation strategies of corporate holders and the buying strategies of large financial institutions are considered important in the upward climbing of Bitcoin value.