That's a logical way to think about if those new users lived in developed countries. The question is how many of them come from developing countries where even $3 USD is a lot of money and a few Steems they can make here is a significant contribution to their budget. My gut feeling is that a good deal of them fall into that category. I don't have any evidence though. But the Steem price makes me think like that.
RE: Steemit Crosses 800K Users! What Does That Really Mean?