It seems to me that folks who buy Bitcoin are looking at fiat currency and their faith in those who manage it and saying to themselves that globally, they have more faith in the management of bitcoin than the money printing and foolish spending of the greatest sovereigns, let alone the banana republic that we don't tend to think about day to day. That it is a global phenomenon will tend to buoy it up over time, IMO.
That it is limited in supply seems to virtually guarantee the confidence of its purchasers.
It seems the major threat to Bitcoin would be vastly improved government monetary policy. Which does not seem likely in the near future.
Good observation. The decentralized nature is a large part of the appeal.
