I watched a bitcoin documentary. Two people in it confirmed what I thought, they said the vast majority of people involved with bitcoin are involved for speculative reasons. In comparison few actually use it as money. It looks like the ultimate scheme to me. Sure it’s going up, because there is a limited number of them (22 million), and the coins available through mining halve every four years. A money supply needs to fluctuate with an economy. Bitcoin doesn’t. I don’t think it will ever be a viable alternative.
“In comparison few actually use it as money”
in effect, no one who matters uses it as real money, as all retailers who purport to accept payment in bitcoin IMMEDIATELY convert it to “real” money. Almost no one sees bitcoin as a store of wealth, which is the primary purpose of “money”.
As has been pointed out, most who actually hold bitcoin are simply speculators. They might as well just be speculating in rotten sardines or tulips for all practical purposes.