What is Bitcoin? As an asset that is costly to create and has a limited supply, it is a store of value. (Not to be confused with price). A Bitcoin has some intrinsic value, and this will never be eroded through big changes in the supply. But where does Bitcoin demand come from? A few years ago, it was a niche subsector of the population: anarchists, libertarians, gold bugs, and tech enthusiasts. Then it became retail investors, who started to buy through exchanges. Shortly after, companies joined the game, followed by financial institutions and even sovereign nations. Does over 10 years of this trend not validate the demand side of the equation?