Good article and thoughts as usual. My biggest concern around Bitcoin price, NOT Bitcoin the network, is the existence of Bitcoin futures.
The gold and silver markets have been manipulated, to the downside, for years if not decades using futures. There has been talk about the physical and paper prices of gold/silver decoupling but that hasn't happened YET.
As you said, the BTC market is tiny compared to gold. As long as there are futures contracts the price can be messed with by the same people who are messing with gold and silver prices. Same is true for ETH.
We all can decide, of course, the value of the BTC we hold and whether we want to sell at a given price. Gonna be interesting to see if there is a decoupling as things get crazier.
Gold and Silver can be manipulated much more easily because they are physical assets.
Even more importantly, they can be manipulated because they do not evolve.
Gold will always be gold. Silver will always be silver.
Crypto is evolving every day.
Not really comparable to physical assets that aren't tech.
The reason gold and silver can be so easily manipulated by their digital representation is because the digital derivative has a lot of value, because they are physical assets and can't exist in the digital world, except on paper/digitally. This is a problem that crypto doesn't have because it is natively digital. In fact crypto will likely help destroy the value of paper gold/silver and pump the price of the physical version as a robust hedge.