The problem with this argument is that while supply of bitcoin itself is inelastic, anyone who wants to do so can create an altcoin, meaning the supply of altco

The problem with this argument is that while supply of bitcoin itself is inelastic, anyone who wants to do so can create an altcoin, meaning the supply of altcoins in general is infinite, and since they are functionally extremely similar to each other if people can't buy bitcoin at an attractive price, they can simply buy something else that works the same way.