also the fact that 99% of bitcoin's value is tied up in financial speculation rather than real world use cases, and the remaining 1% is drug dealing.
Of the potential 21m Bitcoin in existence, 4m are assumed to have been permanently lose. 16m have been mined. That leaves 1m coins left to be acquired in the future.
If you take the example of oil -- once the price of a barrel goes over a certain threshold price, you'll go and explore new wells that were previously not profitable. And you will eventually get more supply after a while. That's just not the case with Bitcoin (and probably Ethereum after next year).
You can't suggest with a straight face that all the speculation in bitcoin is because of its potential and not because people see the price going up and decide they're going to buy with intent to sell too.