Bitcoin seems caught in a catch 22. While there is the idea that it will increase in value, few want to use it to buy goods and services, which means it has a very constrained market dominated by whales.
As the same time, the extreme price rises and falls of BTC make it unsuitable for use as money for normal businesses and employees that need certainty to account profit and income over time.
When eFiat is created that allows a person to hold their fiat on a blockchain and exchange it seamlessly for any other eFiat (to buy goods and services anywhere in the world, or to simply hedge against price changes in their own currency); who will want to hold Bitcoin?
If few people want to spend their money to buy and hold a bit of code, what will the value of BTC be?
