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Well speculation would not actually destroy the bitcoin itself , but it could actually severely damage the reputation of bitcoin...
if the bitcoin market is actually manipulated at will and if there there is no actual semblance of the cause - effect in the specific price making,then that would actually make the adoption to not be as fast as we really want it to actually be....
hence the speculation and the price manipulation are truly bad for the growth of bitcoin same way they are also bad for any national fiat currency....