Bitcoins, like any money, is used to satisfy a reservation demand, that is, a demand for holding money for future use. "Currency" appears only when you find a c

Bitcoins, like any money, is used to satisfy a reservation demand, that is, a demand for holding money for future use. "Currency" appears only when you find a closely connected group of investors in this money that find it useful to trade right in this money. "Circulation" of money happens as an effect of a bunch of investors finding each other in their daily market cooperation. Today Bitcoin is in hands of fewer than 0.001% of all people in the world and those people are pretty scattered across the globe. This does not diminish utility as "store of value", but it does not create a lot of trade. Once, say, 10% of Shanghai is holding Bitcoin, you will suddenly see a spike in trade in Bitcoin itself (as it will be cheaper than moving cash or using credit cards).