I can't see it ever being under ~$1K US again simply because there are tens of thousands of millionaires Bitcoin has made that would buy it that cheap "just because" even if it was no longer traded in a traditional sense. The people that made it rich in Bitcoin (or crypto) aren't a "normal person" that reacts rationally to things, after all they became multi millionaires off some computer code. They will blow 1% of their networth to keep a price that seems ridiculous to the avg person.
You also have to factor in that at least half of the bitcoins ever made, ~10M or so, are lost forever due to various mistakes. So if we assume now there are 11M total Bitcoins left for humanity at this point we can only assume in the future that amount will also drop due to more mistakes. People with no background in computer science may not understand it but it is a fact. Bitcoins will become rarer and rarer over time due to this and it will outpace any future growth in Bitcoin mining until the currency inflation stops altogether around ~2140.
This said Bitcoin relies on an internet and power infrastructure that is often unreliable. It can be controlled by governments, if desired, through internet control measures that are becoming more common place in router hardware around the world. There are already proposals for banning peer to peer connections over the internet to stop "child porn", "white supremacy" and "disinformation" which is double-speak for totalitarian control of information. Think of it being like only able to visit "channels" on a TV that are whitelisted rather than the wild west it was.
MKR Price at posting:
22.0¢ Sentiment: Buy Disclosure: Held
