Bitcoin has intrinsic value: trustless transfer of digital quantity.
Speculative bubbles can happen around anything, whether it has value or not. Beanie babies and AI are examples of things that were/are the subject of speculative bubbles.
It's really hard to imagine the Bitcoin tech will just poof go away when the market tanks. No way.
But while Bitcoin almost certainly won’t go poof, it could dry up. ETH and Monero each take a slice of the market away (smart contracts and anonymous, respectively). More will come that take away more niches.
Lots of things can transfer quantity trustlessly now. The question is: in a world with thousands of established way to send quantity, how much is the “plain old ledger” worth?
Speculative bubbles can happen around anything, whether it has value or not. Beanie babies and AI are examples of things that were/are the subject of speculative bubbles.
It's really hard to imagine the Bitcoin tech will just poof go away when the market tanks. No way.