So we're talking about moving forward in price right?
You can't eat it, wear it, drive it.
You can't buy/sell it to friends and neighbours in a pinch.
It's not real. World of Warcraft gold has value too.
Perceived value because it's catchy. Investors love Tesla and weed because it's fun and catchy. Look at the P/E ratio of gravel pits and lumber mills verses Tesla and Weed. Oh wait, they don't even make quarter to quarter profits, these insanely overvalued stocks. The same could be said about bitcoin. Then again, bitcoin doesn't produce anything, it's not a company. It's basically a form of gambling.
However, if there is a wagon, and you can see this wagon, you should jump on the wagon, no matter how stupid you think the wagon is.
If I want to retire to India or Sierra Leone, I can always find a scammer or a warlord who'd dump local currency for bitcoin (fun times at the transaction point), bitcoin is PERFECT.
Not sure if anyone wants to have .0001 of anything, it's not sexy. So, will bitcoin's limited supply be a "coolness" issue? I think so. That will slow growth.
To be used like a fiat, 10 minutes to confirm really sucks.
So bitcoin I feel is not really moving forward because it's a niche market, like old Louis Vuitton trunks and Porsche 911 turbos. Those go up in value too. But I see people always pushing Bitcoin as a super investment that's going to hit a million each, let's just say I've heard the same pitch from Amway. If Amway had a coin, it'd be a similar feel to Bitcoin in the real world.
At least it's on tickers now.