Anon, Bitcoin the protocol is based on sound mathematical and computational physics.

The protocol itself is the foundation of the Bitcoin  ecosystem. Humans (& eventually AI) assign value to this protocol. Value that is derived is not an objective but subjective task.

The Human Factor assigns value to the protocol which gives #btc  purchasing power is one branch of this ecosystem that is volatile to the up & downside. This is the area of the Ecosystem that can give rise to a Black Swan.

Image above taken from Black Swan by Nassim Nicholas Taleb