Thank you, @heavy. A good post as usual. Upvoted!

Yet, I have to disagree with you for many reasons:

1- Bitcoin is a currency. So, it does not have a fair value. It has a price determined by the market.

2- Bitcoin can be thought of as gold too. People trust it to store value on the long term.

3- I don't agree with this statement:

Yet, real usage has increased SO MUCH SLOWER than price rises.

I think you are ignoring that BTC is used heavily inside the crypto world. It is the entry point for buying any other alt coins. So, add that to the usage and you will see that its price is fair. Remember: It is a new economy, and BTC is its currency.

4- It is very normal for a rapidly growing industry to get a higher price than its immediate value. Bitcoin and crypto currencies are exploding, not only growing.

5- Many countries are legalizing bitcoin. Japan already did. Malasia is on the way. Many will follow. That, in addition to the publicity it is receiving, will cause some mass adoption. Once that happens, the usage will grow much higher than the price.