Actually most of people on this planet are broke and just worry about daily sustenance. So even if they knew something about bitcoin, they probably would buy very little, if at all, and had get out as soon as they need the money for something else.
So even if Mircea Popescu type of elitism is repugnant, he is right in that Bitcoin does NOT give a fook whether it sees widespread use as payment or the masses adopt it. It's going to go up if enough elites see it as a hedge against central bank experimentalism or as a new method of exerting controls. As I stated before, I got in in late 2012 mostly as a hyperdeflationary experiment, i.e. I want to see whether we can trigger the first recorded case of hyperdeflation in human history.
Since bitcoin is highly deflationary by design, it is irrational to spend it when you have fiat alternatives readily available, e.g. Visa/Master/Paypal/Alipay/Debit-card/Fiat-Cash. If any kind of S curve adoption occurs, then BTC would be hoarded to oblivion. Gresham's law would tell you that people always want to spend the "bad money", e.g. fiat, before spending "good money" like gold or BTC. So eventually just as in hyperinflation, people try to spend the toilet paper confetti before it becomes worthless, people would hoard BTC before it becomes even more valuable. The end game would be the same, they lose their function as a medium of exchange, because one has zero function as storage of value, and the other because it is just too valuable to be spent.
If one just look at BTC in fiat term, going from sub $1 to $7000+ in 7+ years is pretty hyperdeflationary. It's even worse if one looks at it in "purchasing power parity" terms, i.e. Laszlo's pizza, 2 pizza for USD$70 million, an increase of at least 7,000,000 times. Naturally the implication would be that if BTC undergoes hyperdeflation, any charting/wave-theory/fibonacci/TA would be meaningless. That's like applying TA to Weimar stock market or the IBVC (Venezuela stock index), which is up like 20x in 2017 alone and 50x in 1 year.
This all assumes that you get paid in fiat and convert some to bitcoin.
If you can get paid 100% in bitcoin and live 100% off of bitcoin, why would you choose to ever use fiat as per Gresham's law?
Even a poor person being paid in bitcoin and spending only bitcoin will be better off for it.
Once you hit that, you can only "hoard" it up to a point. You still have to spend money to survive.
If everyone used 100% Bitcoin then the only deflationary pressure would be population growth which is hardly hyperdeflationary.
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