Well Bitcoin is something new, it is a MOIP, Money Over Internet Protocol. A lot of people argue that Bitcoin has no value and should not be word so much.
Bitcoin itself is only a ledger based on a protocol that has a distributed consensus of truth. This, at it self, does not really give a value to Bitcoin. The value is what the market is willing to pay, they decide what the use case for bitcoin is going to be. Think about is like a stock, the market creates the (dollar) value of the stock, not the company behind it. Even if the company is doing really well, the stock buyers may not be willing to pay more for the stock then the current price.
Disaster
If Bitcoin is going to be used as a store of value, that would probably be great for the price. The technology behind Bitcoin is just not made to use for small and fast transaction, like we would need in a store.
But what happens with Bitcoin if it will be used and widely adopted to use a store of value? Well, I think it will not succeed. The traffic is going to be too high, and the network will not be able to process all those transactions. Think about it, when there will be a next financial crisis (and there will be!), every body is going to buy bitcoin instead of gold. The Bitcoin network will not be able to keep up with all those hundred thousands of transaction and it will all end in a big disaster. You can imagine it as putting your hand through a electricity pipe, it just does not fit. This is the same with the Bitcoin network.
Anyway, bullish for the long run, bearish for the short run!
