[ntoskrnl]

> If it is just driven by speculation, then what makes for "normal market cycles" in speculation?

Miners are rewarded in BTC for keeping the network secure, and they sell these BTC to cover operating costs. Every four years, the mining rewards are cut in half (per the consensus protocol). Miners have less coins to sell, which results in a supply shock. The price floor between these supply shocks is ostensibly determined by economic activity outside of speculation. This has resulted in a repeating four-year market cycle. Of course this pattern will only continue until it doesn't. You can search "halving" or "halvening" for more info. https://www.investopedia.com/bitcoin-halving-4843769

[piva00]

Miners being rewarded in BTC doesn't explain anything about the underlying value of it that would explain a boom-bust cycle, miners are just performing the validation task but there is nothing else driving demand for BTC except for speculation. No real usage for real-life transactions, no real usage as a currency.

What exactly would drive demand for BTC except for speculation?

[ntoskrnl]

Parent specifically asked about the four-year market cycles and I answered that specific question.

To your more broad question, BTC demand outside speculation is driven by economic usage, despite HN's doubts. If it wasn't for that, I'd be asking the same question about its value. If you're open-minded and interested in learning, I've written up answers to that question several times. https://news.ycombinator.com/item?id=31932743