It will interesting to see what Bitcoin's price floor is when we get to maximum crypto-pessimism.

Intuitively, that seems like it would be the price of its aspiration to be "digital gold", in the sense of it being an asset-of-last-resort that has little to no economically productive value, just like the piles at the United States Bullion Depository at Fort Knox.

Heck if I know what that is, though. $10k, $5k? Or are there structural risks that would preclude it from ever being used that way? Is there price or policy regime which will trigger a catastrophic loss of confidence and collapse, or like gold, is there a reality of its existence that can't be negated.