[simondlr]

Don't recall who said it, but powerful disruptive innovations are overhyped in the short term but under-hyped in the long term.

That's how I feel about Bitcoin. Circulation might not be a lot, and signs probably show that is not a lot, but it is disruptive. You also have to consider that perceived value is always reckoned into the 'actual' price. It depends on what market theories you ascribe to, but it is generally accepted that current prices reflect the market's capability to guess (and judge) futuer value. So, perceived value is often difficult to 'divorce' from the actual value, especially in the case with something like Bitcoin, where it is seen as both an asset and currency.

Another thing is the continuing trend of providing off-chain transactions (through companies such as Coinbase en Inputs.io).