Said shorter: it’s a tremendous caveat if and for as long as the market for blockspace/energy is volatile. If that market stabilizes (as Bitcoiners predict) then so too might the price (relative value against everything else).
The risk/reward proposition of bitcoin is that there is tremendous upside because this stabilization appears so uncertain to the vast majority of people.
The first person to cross the glass bridge is probably an engineer who crunched the numbers and concluded it wouldn’t collapse. But even as he takes his first steps, the outcome is uncertain.