And not only that. Once the last block is mined, the only revenue for the miners will be transaction fees. If anyone insists on a large future valuation of BTC,

And not only that. Once the last block is mined, the only revenue for the miners will be transaction fees. If anyone insists on a large future valuation of BTC, it follows there will be massive future transaction fees. Massive transaction fees dissolve any advantages stemming from network effects.