No, scarcity is an big influential factor for the bitcoin price index. Bitcoins are produced during the mining process.  The reward is 25 bitcoins per block (approximately every ten minutes) until mid 2016, and then afterwards 12.5 bitcoins per block for 4 years until next halving. This halving continues until 2110-2140 when 21 million bitcoins have been issued.
Other influential factors are investors and panic buyers/sellers.