Well it would be unfortunate but I don’t think it compromises Bitcoin thesis in any way.
I would be perfectly fine with Bitcoin performing more stable 20% a year than 2-4x and then 2 year-ish 70% drawdowns…
Discussion
I didn’t yet find a good answer to how miners will be able to keep their revenue stable or even increase it. Fees are low and mining reward gets cut in half every four years..
At this point we are doing a lot of speculation
That’s entirely different question.
I think in a few years mining as it is now will basically go extinct. My expectation is more usecases like heating water/air for reuse purposes, burning flare gas and/or mining as a precursor to building other infrastructure will inevitably emerge.