Of course it is. People paying money on foreign exchanges contribute to the price too. Foreign remittances are a fantastic use case for crypto (mostly to these same countries).
Also, what inspires many people to enter crypto, is general lack of trust in government and financial institutions. People choose to buy crypto rather than buying other asset classes or to hold fiat (this is a decision with a strong geopolitical basis).
> It seems like the large majority of trading is happening among people who live in other nations and who already have wealth.
Possibly, but thats besides the point. This argument is a refutation to several arguments that detractors make: - there's no use case for crypto - there's no underlying value to crypto - crypto can't replace a fiat currency
> This isn't a technology that protects the developing world against monied interests. Its a technology that amplifies inequality due to an enormous difference in cost depending on when you joined the network.
As the Big Lebowski said "that's just like, your opinion man".
Joking aside, there are good reasons to think that crypto could in fact allow many people who are currently stuck outside the financial system to have access. This may me a small use case right now but its still early days for the technology.
I'd encourage you to watch: A. M Antonopoulos 'What Bitcoin Means For Unbanked Economies https://youtu.be/xeSfDbbcN2c