Rational discounting leads to a valuation scenario which renders anything but buying at the maximum holding level questionable at best.  For that reason, the emotional explanation of the bull case seems irrelevant.

I know I should expect FUD factors at random intervals, since that is history, but it is very hard to see how btc has not overcome all of the major threats at this point, save one or two in reserve.  (Fungibility being one that seems inevitable to me, but not yet.  It should show signs in the media before it becomes a price issue.)  Those items aside, that leaves only the adoption rate in question.