Bitcoin decentralization have contributed to it scarcity and security. all of this which are factors that influence it's value.
How does decentralization decide Bitcoin scarcity?
It relates to security but not scarcity that is decided by the initial design of
controlled supply by Satoshi Nakamoto.
in conclusion, Bitcoin value is derived from its decentralized nature, which is closely with it's ideal, and any move towards centralization could fundamentally alter it's core and diminish it's value proposition.
If Bitcoin becomes centralized, it won't lose all its value. Have less value or zero value will depend on many factors and not easy to say now. Altcoins like Ethereum, BNB still have their values which are lower than Bitcoin value so I believe Bitcoin value won't drop to $100 or $10 or $1 just because it becomes more centralized.
How is the 21 million Bitcoin cap defined and enforceIf Bitcoin becomes centralized, it won't lose all its value. Have less value or zero value will depend on many factors and not easy to say now. Altcoins like Ethereum, BNB still have their values which are lower than Bitcoin value so I believe Bitcoin value won't drop to $100 or $10 or $1 just because it becomes more centralized.
In reality I think that if, the fact of becoming centralized could affect the value of bitcoin, something that is quite difficult, the truth is the way it was created is such that in all this time that they have tried they have not managed to do anything , just adapt to what it is, and look for ways to cope with this currency that has totally revolutionized the financial market and has helped many people who decided to trust bitcoin to recover and remain stable from the inflation that certain countries maintain. Now if in a hypothetical case this happens and they find a way to centralize it, it would cause a kind of notorious decline, since most seek this for the simple reason that no one besides the one who owns the bitcoin can control it, if this changes it will no longer they will see bitcoin in the same way, since the people who probably caught their attention would lose interest, considerably lowering the demand and therefore the value of the BTC.