Indeed, demand is the biggest risk in owning crypto assets. Here are what I believe the largest factors that influence demand: - liquidity (depends on, say, G

Indeed, demand is the biggest risk in owning crypto assets. Here are what I believe the largest factors that influence demand: - liquidity (depends on, say, GDP and national currency supply) - network effects (it's easier to use Bitcoin if more people are using Bitcoin, because more services and trading partners pop up etc.) - amount of "speculators" - people buying because the price went up recently. They are betting on momentum. - amount of "true believers" - people seeing the value of the protocol, and sticking through crashes or betting on mean reversion.