The cost of creating bitcoin is dynamically adjusted so that a fixed number are created in a given period of time based on the hashrate. You'd have the same number of bitcoins regardless of the price of electricity and ASICs.

So in this case, the price determines the cost, not the other way around. People will invest money into creating bitcoins until their cost of acquisition equals the price they can sell for, and this effort purely drives up the cost without generating any additional bitcoins.