I guess the explanation is that since bitcoin is already a traded asset, we need the price to go up. So obviously, Wall Street hotshot or some big institution are needed to push the price even higher. I understand the OP's sentiment that bitcoin should be P2P, however, he/she needs to understand that bitcoin of today is already a speculative asset specially when the price started to gain traction in the market, from $0.01 to $20k, in 10 years, meaning money is really flowing in. Yes we can still used it as a P2P, however, it could also be look at store of value or an investment platform. So more money coming in, means the price could shoot up in the future.
Maybe you need that. I need the price to remain stable because stability is the main concern of merchants.
Even traders don't need for it to go up by a lot. It can remain in a +/- 1000 dollar channel and it's fine for them. So who needs it to shoot up by 100% or more? Mainly greedy fresh investors who look at it like it's some get rich scheme.
