If we have less new investors, so the prices tend to fluctuate less? How much dependent of new investors the prices are ?
Without new people coming in to the market, it's just the same pool of people trading Bitcoin back and forth amongst themselves, and essentially there is no way to make money without other people losing money. Without new investors bringing new money into the pool, it's essentially a zero sum game because bitcoin is not a productive asset. It doesn't produce income, it's only worth what someone is willing to pay you for it. So the only way to realize a profit on owning Bitcoin is to buy it from someone and to sell it to someone else for more than what you paid for it. Because Bitcoin relies on new participants to increase in value, this is what causes some people to accuse it of operating like a pyramid scheme, even though it's not set up to be one specifically.
Apparently, the fact that we keep hammering on adoption is because the more the merrier. I totally agree with everything you have said, considering that whatever is going on with the value in terms of fluctuation is not really caused mainly by investors anyway.
Although, bigger investors can sometimes have some impact, but generally, traders, whales, institutions are basically the ones driving the price based on how the market is perceived but in the long run as more people keep stepping in, it is normal to keep seeing the value being reflected.
