[adventured]

> or in other words the bitcoin price is only going up tomorrow

That depends on both it remaining valuable technologically and in terms of adoption, neither of which will sustain over time. Bitcoin will die due to replacement if nothing else, the market will innovate until Bitcoin is worthless. It's AltaVista.

It makes sense for people to spend it if: 1) there is actually a bubble and the average value for Bitcoin over the coming years is lower; or 2) if Bitcoin is going to get replaced in the next 3 to 5 years and this general time frame is the highest Bitcoin will ever be.

In the best case scenario it may take a decade to reclaim whatever high Bitcoin puts in during this mania phase. That's typical of bubble pricing, even the things that have legitimate value often take many years to again reach their former high valuations. That's if it doesn't get supplanted in the meantime.