Bitcoin is hyper-deflated due to over speculation.
With 16.7 million bitcoin across 21 million wallets lets say averaging 1.2 wallets per person meaning very roughly ~17.5 million wallets within a deviation of that statistic probably close to +/- 2.5 million, leaves between 1.114 btc and 0.835 btc per person. For comparison: 1.55 trillion usd across 326 million citizens ( generously disregarding the petro-dollar attribute ), leaves about 4.7 thousand usd per citizen. If every bitcoin wallet owner considered spent bitcoin exclusively and with the same purchasing power as the average us citizen and with the same habits, the tangible value of between 1.114 and 0.835 btc would be approximately 4.7 thousand usd. None of this is the current economic reality though, as a very miniscule percentage of wallet owners actually survive by spending bitcoin. Additionally the petro-dollar trait increases the population which owns primarily usd significantly about the us population, which would increase its value and thereby decrease bitcoin's relative tangible value. So this valuation is very generous in favor of bitcoin, to say the least.
Many of the transactions done in bitcoin are black market, which is showing increasing demand for switching to Monero ( a currency which launders as a part of the mining operation at a high risk of losing portions to malicious attackers ). This switch may help bitcoin with legitimacy issues, but also may not if both currencies share popularity. Either way so long as some interest in Monero exists, that is a cut in value.
Many of the detractors uninterested in bitcoin's effect on crime, will argue the ecological effect of crypto-currency mining procedures through massive electrical requirement. Most of these detractors may be satisfied once Ethereum implements the first large scale proof-of-stake algorithm which requires only execution of the transaction and staking one's own currency on the accuracy thereof. The appeal of creating entire organizations with contracts on the platform, Ethereum has a non-trivial possibility of becoming independent of trade outside its marketplace ( a thing countries strive for ). This depends on the security of auditing contract code as well as fulfilling the promise to actually release a proof of stake protocol. If those two conditions are met, there would then be an argument for bitcoin becoming considered obsolete. However it is also possible many will remain unconfortable with the principle of weighing one's influence on consensus as proportional to how much currency they are willing to gamble on that influence, and will prefer bitcoin's most efficient hardware approach as supporting cryptographic research indirectly.
All in all, if you purchase bitcoin at today's market price in usd, you are making the bet that bitcoin's base will fully convert there finances to bitcoin and the number of those people will increase by a magnitude of 3 before selling or that the consensus among speculators will change to make bets that it will increase above a magnitude of 3 before you sell.
All in all, this type of speculation rewards gambling and malicious mass misinformation campaigns and I would not support it by participating.