Subject: Re: BAC
"Some folks say they hold because they support the philosophical ideal of an alternative monetary system, but if you scratch the surface it's always just reason #2 for them. If the price had been flat for the last decade, they wouldn't be in the game, philosophy be damned: they want to get richer.

Since there is no coupon, it's certain that the price can rise on trend only so long as aggregate demand for Bitcoin [at any given price] continues to rise. That requires an increase in one or both of the above reasons to hold among the population at large. I would expect both reasons to run out of runway eventually--there being only so many people on the planet--causing long run price rises to halt. With no up-trend in price, that removes reason #2 entirely after a while. The process might take decades to unfold, of course, but flatlining and boredom and irrelevance seem to be the likely destinations. Which is not necessarily the same as going to zero."

This is more commonly known as Greater Fool Theory.