The transaction volume has gone up, but the value of a bitcoin (in USD) has gone down, so the total volume (not in bitcoin but in USD) is about the same.
Yes, I understand that, my issue is with the term "static demand". To me static demand implies that there is not growth in usage if Bitcoin as a currency, yet the opposite is true. Its price compared to USD is immaterial. Imagine a well used traditional state-led currency, traded with increased fluidity within that country, despite being devalued on currency exchanges. The internal demand has gone up, foreign exchange is of secondary concern, prices will continue to fluctuate as the market matures.
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