This is interesting because I think this is the biggest vulnerability for bitcoin. So far as people continue to peg bitcoin to their own currency, it will continue to be thought of as a speculative opportunity and will face insurmountable deflationary pressure.

Bitcoin needs to hit a tipping point in the density of merchants offering bitcoin transactions, such that the general population can free themselves of thinking of bitcoin as it relates to USD or EUR, and instead how the price of a good or service in bitcoin relates to other goods and services they can consume with bitcoin.