The price floor for Bitcoin is 0
I don't know why this point can ever be challenged since the price floor of any asset (e.g. fiat currency or shares) which has no inherent (direct use) value is and has always been zero. This is high-school economics. Those who are claiming otherwise either don't know what they are talking about or are pursuing their own ends (e.g. attempting to persuade someone in or into something). Ultimately, I don't care if anyone disagrees, I'm just saying that this approach can be and often is fatal in trading (namely, thinking that the price can't go lower than some arbitrary "floor")
At one point in time price of gold was 0! Then civilizations accepted gold as payment and all other goods got paired with gold. Now we can say floor for gold is 0 also by this analogy, but not in our lives! Bitcoin will continue to rise over time, and it is very hard to espect price consolidate and find rest in near future..
We can't say that
Price floor of gold is determined by its direct use. This includes but not limited to such uses of gold as in, for example, electronics and medicine (e.g. dental restorations and gold nanoparticles for malaria tests). I would also include jewelry here. In other words, if gold loses its shine as a financial asset (as a speculative vehicle as well as a store of value), it will still have a lot of uses. In fact, if we discover a gold asteroid Manhattan sized, the price of gold would likely collapse but its use will expand tremendously for its unique properties
How many times have you seen a dead cat bounce, then get back up again? The cat has to be dead to get a dead cat bounce. Stock die, sometimes bonds die. But bitcoin does not need your money and does not die
It might be Schrodinger's cat
