Let me call out the elephant in the room - there is no solid demand for BitUSD (or other Bit assets for that matter).
Market cap of all Bit assets is under $500K. So with 2.5B BTS in existence, what is a fair price do you think to support $500K in collateral?
Yes, I am taking out of the equation the speculation, because the reality is - the product is there, for some reason there is no adoption. Whether it's marketing, or the defects in the software, or both.
Now I know $500K in BitUSD is laughable if product was free of defects and there was really effective marketing (although I'd rather see defects addressed before marketing goes in). But reality is that this is what BTS is really worth. Ok, let's double it because of collateral. Technically at the moment BTS as market cap, if we take out the speculations is worth $1M.
I think it's great though, because it is creating market dynamics - speculators still try to short, and then they have to re-buy the BitUSD they shorted every 30 days. All the way down to $1M market cap. Once that happens, everything will reverse. BitUSD holders will scramble to sell. A healthy market has these extremes.
And then again - there will always be speculation, so clearly speculators are comfortable with BTS being around 24x the market cap of all bit assets. But I wouldn't be surprised if we dip down to 5x may be even 3x before recovery.
Finally - I think Stellar is showing a far superior implementation of distributed consensus, so even if BTS delivers on amazing product + marketing, it may still be outpaced by other solutions.