Imagine that Motorola - the first company which manufactured a truly wireless communication device in 1983, designed its production system so that it can produce only 10,000 mobile phones a year. Meaning, it designed it to have limited supply. Now, does that mean Motorola phones would had become scarce due to the fact that phones are beneficial to people and the population was almost required to increase its demand? And does that mean the price of Motorola phones would had rised to $1,000,000? No. Why? Because companies had simply produced their own wireless communication devices. They had produced their own mobile phones, as these phones are just chips, resistors, transistors, capacitors, inductors, and diodes joined together the right way. And it s not only Motorola that was capable to put electronic components together.
In the same sense, bitcoin is just numbers associated to addresses. These numbers are transferred through the network from one address to another via some protocol. And it is not only Satoshi Nakamoto who is capable to design such paying system. This system is not Michelangelo's Pietà or Leonardo da Vinci's Mona Lisa. It is just numbers, addresses, database, and protocols. Everybody is capable to create that. So, no rational reason exists for bitcoin to cost $100, $1,000, $10,000, let alone $100,000, just because it is designed to have limited supply. There is no reason for people to enter into fast, transparent and cheap payment system for $100,000, if they can enter it for $0.001(altcoins) or if they can associate and design their own crypto payment system.
Bitcoin is simply a mega-bubble that diminished people's ability to think rationally. It is a mega-bubble even at $10. That is why it can only go down to the price of an average coin. Just like Motorola's phones have prices of average phones - even if they have more brand reputation and trust than for e.g. Huawei.
You seem to forget, that the other manufacturers made better products. That is not the case with altcoins. The demand for bitcoins has not diminished, which is why it has the price it has. It appears that, bitcoin is working as intended, and is undergoing the proof of time.
In a way, Bitcoin IS a work of art, a "Mona Lisa" as you say, while the others have only managed to make bad copies of it. There only 1 (true) Mona Lisa and there is only 1 Bitcoin. It even comes with its own certificate of authenticity...
What is the market price? Whatever the market dictates. It is my theory that as more time passes, fewer increments the price will have Zoom out please, and see for yourself. It will never go down, simply because its supply is limited, but it is getting less and less increments over time. The only reason it could go to 100k as you say, would be if the demand somehow skyrockets. Given the pass of time, i think this is less and less the case, most of those that wanted bitcoins have already obtained them, and they don't want to part with them unless absolutely necessary, as is the natural consequence of a deflationary coin.
Should the price deviate too much from its "natural place", it will correct sooner or later, quickly or slowly. There is no reason to worry or blame the market, even if you consider everybody else delusional. Fact is demand for bitcoin has also has its historical trend, reflected in the market price.
Ask yourself, why would people suddenly not want their bitcoins anymore? What could you possibly say or do that would change their minds, that has not already been tried during the last decade? Satoshi said it could fail miserably and be worthless as you claim, or that it would succeed. 10 years later, it has a price you may not agree with, but the world collective known as the market agrees upon.
Its basically you alone, vs the world.
Things get valued not by what it costs to produce them, but how useful are for you at any given moment. It is the same argument of the price of a cup of water in the desert or an ice cube in the Artic. The value of things as explained by the Austrian school of economy, is something you MUST study to understand the kind of economy Bitcoin is leading the world into.
You may live in a country where your perfect politicians never damage the currency by doing stupid things like printing to fit their ill conceived budgets, but those of us living under hyperinflation, find the likes of Bitcoin invaluable, even if we are destined to exchange it back every time we need to buy something. But at least its better than see your money lose value overnight. EVEN with bitcoin price fluctuations, it is keeping a huge lot of the value you invest in it, and sometimes it even INCREASES it...
In my country, a bitcoin is 250 MILLION, it was like 150 MILLION last week, that while its price in USD actually went down a bit. DO YOU get it? The people who find the coin useful are plenty enough to keep its price going up. There are some of us using it for real, literally eating because of it, even if the merchant selling the food has no idea because he got fiat money that was exchanged prior the transaction.
