>Bitcoin absolutely could go full bust. It is not a physical commodity, there is no utility outside of its perceived value. It is not a company, so it doesn't even have book value as its floor. And the technology is open source and well known, so there is nothing special or scarce about Bitcoin technology at this point. Even the companies that have capital investments in Bitcoin hardware could just repurpose that for a forked coin or possibly some other purpose altogether

Disclaimer: I own zero cryptocurrencies, but have a decent knowledge of the space

Here's why I think Bitcoin will never go bust entirely, regardless of the day to day price: it's the area under the curve of POW energy expenditure. At this point, so much energy has been expended mining bitcoin that that in itself creates value. Even if the price crashes 100x it will always be worth something. And whatever that "something" is, no one can say yet. But I would wager that it's much higher than whatever the initial players bought in for (in terms of cash or energy spent mining). Sure plenty of other altcoins can come along in the future, but catching up with the level of work that has been done on the Bitcoin blockchain at this point seems impossible to ever do. It's simply a matter of compute power that is physically available.