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While I think it's true that BTC won't fall below the cost of mining 1 BTC, that's not really saying anything.

If BTC falls below the cost of mining people will stop mining and the network will adjust to the reduced difficulty, making the cost of mining drop.

A problem is that if too few people mine, the network becomes easy to compromise. That's a problem that bitcoin has, and other currencies (and things like gold and silver) do not.

Bitcoin prices will eventually fall below the cost of mining. Guaranteed. (Because eventually there will be no new bitcoins left to mine. So mining new bitcoins becomes infinitely expensive.)

I can't flip my miner into reverse and produce electricity while destroying BTC. The ability to convert $800 to 1 BTC by mining does nothing to keep the value of 1 BTC above $10.

Cost does not equal value. One could rather say the cost of mining bitcoins is analogous to... the cost of mining gold, not the industrial value it represents.