I don't think steem will be the replacement to bitcoin. But I DO see it doing very well long term.

Bitcoin's value is backed almost entirely by china. If china crashes the price might shoot up as the chinese flee their own currency. But then it will crash back down again.

Instead, I expect bitcoin to be replaced by a new coin that is designed to act as a currency replacement and backed by banking institutions.

Steem isn't designed to be a universal currency so it will never displace bitcoin. But I expect the value will rise long term. Right now the whales are selling it out hard - lowering the price. This is both good for them ($$$) but also good for STEEM because it spreads out the ownership more. Right now it is far too concentrated.