The "waiting market" with Bitcoin is effectively caused by network effects. If your financial transactions don't involve peers accepting Bitcoin, then you have little incentive to use it. The more people use it, the more incentives you have to do so.
Similarly, where is that short-term growth coming from and how would you distinguish it from a speculative bubble? Lots of companies reported amazing growth from 1995-2000, too, but anyone who looked at their fundamentals couldn't justify it.