Yes. The monetary demand for a monetary commodity strengthens its purchasing power. Lose that demand, and it eventually follows the same path as silver (but without the industrial use). Bitcoin, without a medium-of-exchange function, will eventually go to zero. That’s why it’s crucial for Bitcoiners to start spending their coins despite the accounting hurdles. Governments figured this out long ago—you don’t kill Bitcoin by banning it; you kill it by redefining its purpose in the mainstream narrative.