The main problem with this analysis is that it is purely based on the fiat standard. Bitcoin as a store of value is conceptualised as an alternative to this fiat standard. Over the years many "experts" claimed

- Bitcoin will collapse at x and will never recover

- The institutional adoption will not happen

- It can not be used for day-to-day payments

- It will never become a legal tender

We all know what happened to these predictions over the years.