The author does not have enough knowledge about the market. Cryptocurrencies have a particular price because there are buyers and sellers that agrees to that specific price, just like in stock market and any other asset market, the price is determined by the people. The price can be zero if all will agree that the price is zero, which will never happen to Bitcoin.
And the way the author introduced blockchain does not make sense, Bitcoin's value is dependent on the popularity of blockchain because the market is emotion driven, once the people saw that there is a great demand on the application of blockchain in different industries and of course, cryptocurrencies, then there will be an increase in the price of cryptocurrencies especially Bitcoin.
everyone agrees that the author of the topic doesnt know much.
but what you are talking about is just the top layer. the price.
you think its only supply and demand. which is speculative. but you forget the underlying waterline below speculation. the cost of acquisition.
imagine it like anything. fruit, veg, phones houses.
think about the supplier costs as the underlying value. and then ontop of that is the speculative part.. the margin/profit
people wont sell a coin down to zero as it cost them way more than zero.
if you want to argue that people can. then ask yourself why isnt veg, phones, houses at zero
building companies wont sell a house for zero, even if there is no demand. they simply leave the 'for sale' sign up
the only time the market SUSTAINABLY goes down is if the costs go down.
right now at 32exahash (lowest mining cost=104 multiple)
32*104=3328
no miner will sell their coins earned recently for less than this
and any miner with higher costs. who were mining coin for keeps. will just buy coin instead of mine it as its cheaper to buy than mine. thus they help sustain the support.