Don't worry, Bitcoin will be fine.

Bitcoin won't be fine for one simple reason. Bitcoin is just a number associated with an address. It is worth nothing whatsoever since number is just a mathematical object used to count, measure or label things. Bitcoin counts, measures or labels nothing just like numbers on children’s play paper money measure nothing. In the real market, numbers are just means used by market participants to count, measure or label actual things - delivered goods and services; an entitlement to a set amount of gold; an ownership in a corporation; a legal claim derived from borrowers’ obligation; or right to reproduce a work. These numbers, either in digital or ink form, are put on some digital or paper medium and then we have an invoice, a gold or a stock certificate, a banknote, or a record of copyright. Of course, the latter are without value on their own, and can be created ‘out of thin air’ – since puting ink on a paper or storing digital bits into computer memory is pretty trivial task. What has value are the things represented with ink or digital bits. In the case of dollars or euros, this thing is a legal claim derived from borrowers’ obligation, which is backed or secured by some form of collateral (land, car, home or borrower’s income).

The crypto world has naively taken this abstract manifestation of things, which emerges in a market transactions in the form of ink or digital bits, and in the absence of actual things started to treat worthless bits as if they are the actual things. This is essentially the way children play when they imitate buying and trading through the usage of play paper money. Children know that real money is a sheet of paper with some letters and numbers printed on it. So when they want to imitate economic relations of adults, they will simply take paper and put some letters and numbers on it. But of course, no actual marketable thing (a claim derived from borrower’s obligation) is represented with this play money, like it is with real money. Cryptos are essentially version of such child’s play, the only difference being that the medium is not paper but computer memory. Cryptos are created through a process where numbers are put into computer memory. But, these numbers didn’t came into existence as representative means with the purpose to count, measure or label actual legal claims, like numbers on banking accounts. Instead, crypto numbers came into existence as separate and independent objects just like numbers in children’s play money.

The intrinsic value of these objects is of course zero, and in the long run, the price of a an item always comes back to its intrinsic value. That's why Bitcoin won't be fine.