Bitcoin recently got a lot of flak as it was built to be used as a currency, however people/speculators started to treat it as a commodity/asset and held on to it. This led to the bubble of 2017, and crash of 2018.
Now, Bitcoin believers say, that to bring things on track, it should be used as a currency. Let more people pay for their morning coffee, cabs etc. with bitcoin and we will see its adoption increase exponentially.
However, that brings a doubt, if bitcoin has fixed supply and utility, speculators know that its value will increase if its being used and they will hold on to it. On the other hand, someone who wants to pays for coffee knows that the value of bitcoin might change, he will not pay for it with bitcoin, rather use fiat. (Even after lightening network is implemented)
I think this argument can be extended to other utility tokens such as BNB too.
So, my question is - if people invest in utility tokens only for them to increase in value, aren’t they securities? Conversely, if they invest in utility tokens for them to actually be of use, then what is the use in investing in them as they won’t increase in value.
What are your thoughts?