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Dan Held, bitcoin educator at https://x.com/danheld, argues that speculation, rather than payments, is the main factor behind Bitcoin adoption.
Held highlights significant adoption growth during 2013, 2017, 2021, and 2025, emphasizing the role of speculators in fueling these cycles. He stresses the importance of educators guiding speculators to better understand the principles of sound money.
Held has previously outlined macro factors that could influence Bitcoin price moves. He identified U.S. rate cuts, the end of the Iran war, and the introduction of more ETFs as possible drivers of institutional demand. Held also pointed to tech sector earnings as a factor for potential surges in Bitcoin.