Funny, because I was just reading the opposite argument a couple of hours ago coming from a post suggested to me. Don't know which way to look at it is the good one though.

At time of writing, 70% of Steem is circulating as Steem Power. As you need 13 gradual steps to convert Steem Power back to Steem, there is less volatility in the price graph of Steem compared to other altcoins.
Your fellow investors are not the fearful investors I was talking about in the first part, there is underlying value and commitment here.
There are currently around 30.000 active users on Steem who already own 70% of Steem. It is a growing community and I think it will be very interesting to see the moment we reach +/- 50.000. The demand for new Steem will be more than the 10% inflation supply, I don’t have to explain to you what that means, the price will go up.

https://steemit.com/investment/@bubke/steemit-investor-guide-a-study-view-on-crypto-and-steem