«people don't buy bitcoin for its use in transactions» Data shows otherwise. Bitcoin speculators typically leave the coins in an exchange wallet (not sufficien

«people don't buy bitcoin for its use in transactions» Data shows otherwise. Bitcoin speculators typically leave the coins in an exchange wallet (not sufficiently technically savvy or motivated to run their own wallet). Doing so does not create a transaction on the blockchain, therefore the transaction rate (https://blockchain.info/charts/n-transactions?timespan=all&daysAverageString=7 https://blockchain.info/charts/n-transactions?timespan=all&d...) reflects mostly non-investment-related transactions, and it is sharply increasing. «The more it goes up the less people are likely to spend it.» Historically, transaction processors like BitPay have noticed precisely the opposite. I guess people are excited to spend their newfound fortune when BTC goes up? I observe this behavior on myself: I cash out and spend more bitcoins whenever the value is going up (Jun 2011, Nov 2013, today, etc)