BTC volume was reported as greatly falling in a national newspaper, apparently it was well researched though I dont have it here now. Volume and market size is falling ? which would seem to match your 2000 marker comment
A worldwide deflation fear is expanding and may actually be rampant. BCA Daily Insights (August 25, 2014) notes that, “out of 32 OEC countries, more than two-thirds have domestic inflation rates that fall short of 1%.” BCA analysts go on to argue that the worldwide inflation rate may converge to zero over the next couple of years.
http://www.ritholtz.com/blog/2014/08/deflation-fear/
I simply dont believe it and I do mean simply because it seems a straightforward argument to say we obviously have inflation. Many governments, some of the largest even are running defecits and so they are increasing their debt and in turn the size of their national montary base.
So I take that debt as money, I know its not treated as such and its unlikely someone will convert 1 trillion of debt directly into paper notes to go use on a high street. However if they did it would immediately realise what is already in play, that we do have inflation of many national currencies.
The money is not being exchanged for goods however so I presume this is why we have the fear of deflation. What is actually happening I think is lower trade per capitia and a kinda sinkhole effect where debt is being contained and money supply restricted, lower velocity of money.
If all the banks stopping lending this would be deflation as in effect less money is available and so I think the debt situation is similar.
It does not stop inflation (of the monetary base) being true, one day it will happen like an avalanche. The only alternative is to vaporise that debt by default, then we may have true deflation.
As a counter I will point to the prices of extremely high worth items such as rare art or unique classic cars perhaps, there is no deflation in these markets and they are relevant as they match the standard unit sizes of $100,000 that a treasury bond deal would be done in.
I would much rather take the Dino Ferrari then debt which yield so little. e.g. The EURO overnight rate just went sub-Zero