[joe_the_user]

Both are buoyed by that past.

That bitcoin is a (sort-of) working cryptocurrency and that bitcoin has a history are basically the primary arguments for bitcoin's continued value.

But it seems implausible to claim that this will allow bitcoin to become a store of value investment. I think it's clear those buying bitcoins today either are doing so with an eye to increase their investments through bitcoin's rise or are trying to get money out of some nation which prevents capital exports.

As a thought experiment, if a person knew for certain that bitcoin would have the same price in six months, would that person ever prefer bitcoins to a us savings account with the same amount of money? It seems to me no one would.

Moreover, if bitcoins are essentially always going to be speculative, this leaves that possibility of them always being possibly displaced by an equivalent.

[dahdum]

If you were in Venezuela you would certainly prefer to own Bitcoin if it had the same buying power in 6 months than keep local currency. Could be said of rubles and other currencies as well.

Even in the US, holding Bitcoin at the same buying power would be a hedge against inflation.

Of course the Bitcoin price in USD would still fluctuate, if it were pegged to USD there wouldn't be much use other than easier to move around.