I don't think it is a myth because whenever demand surpasses supply, prices of commodities and goods in a market always go up, this also applies to bitcoin and the reason the price is going down is because there is so much supply and not enough demand to balance it out.
commodities have a purpose. a commodity is a raw material used to create other products.
wheat can be turned into bread,.. oil can be turned into fuel/plastic
now this is the confusing part for some.
GOLD sits on 2 markets. commodities AND asset.
golds commodity value is its raw material state to the create electronics and jewellery
bitcoin does not share golds commodity value. bitcoin is not a commodity, emphasis bitcoin is not a commodity
now because gold has a commodity value, this gives it a value. and combining golds commodity(raw material) value with golds scarcity. and golds utility/function value as part of a circuit/jwellery(end product) gives gold an asset value
again. bitcoin has no commodity value. and thus it only holds value due to scarcity ethos/utility(trading) and merchant use for bitcoin to be an asset. emphasis bitcoin is an asset
emphasis. without real world merchant use. bitcoin loses its main aset value. (remember bitcoins first price push due to bitcoin pizza, then silkroad, then things like bitpay/coinbase shopping cart tools)
but if we take away bitcoins ethos/function by making it the expensive to use (tx fee onchain / high cost to open/close 2nd layers) then it loses its utility.. if its no longer useful to buy things in the real world... all thats left is scarcity..
so lets talk about scarcity alone
now.. i have a dog that does 2 poops a day. in 2 years it will be trained to do 1 poop a day. and as it gets older, it starts getting constipated and only does 1 poop every couple days.
in its life thats about 2500 bags of dog poop will ever be created by my dog.. wh wants some.... no one.. but wait. its scarce. so why no demand(sarcasm)
in short. scarcity alone is meaningless. something is not an asset just by being scarce.
demand due to scarcity alone is meaningless. there has to be function/utility of the item for there to be demand. otherwise its just crap..
as shown by all the crap coins that get dumped once people realise theres no utility. even if the coin has faster tx times and lower fee's there is no real world function/utility
bitcoin had/has many utility/functions. but slowly its losing those abilities. so dont always rely on 'scarcity' as the sole thing that will keep bitcoin prices up.. because otherwise you might well just be holding a bag of poo..
we need to concentrate on not letting devs destroy bitcoins ethos. not letting regulators turn it into fiat. not let users turn it into a gimmick via sounding like a ponzi get rich scheme.