[polshaw]

Everyone holding Bitcoins is a speculator. If they believe the price is only going down, they will sell and crash the market, just like before.

Notice i did not say everyone using bitcoins are speculators.. but if you are say a merchant with goods available in bitcoins, (and you don't wish to speculate) you will peg your price to your local currency, and after selling your goods will sell your bitcoin immediately for local currency. Which means you are no longer holding bitcoin or having any impact on bitcoin demand.