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Speculation is of course part of what is driving the price up. But it will only go up independently. We are seeing use cases pop up across socialist countries.
Mark my words, as long as the currency is unhackable the price will continue to go up.
This adoption so far is nothing.
We don't even have killer applications yet. When Bitcoin adds the lightning network functionality transactions will be even faster and cheaper.
Ethereum does not even have a good use case yet. 300 for ethereum is probably cheap considering the potential of smart contracts.
Curious, is there any way to track the number of transactions (not just buying and selling coins of speculators) to determine some sort of fundamental growth in legitimate use?
And what is to stop other types of coins from popping up and taking away bitcoins market share?