Fully agree with your analysis. Other's have nitpicked your exact words but your point is totally correct: There is a cap of how much Bitcoin price can increas

Fully agree with your analysis. Other's have nitpicked your exact words but your point is totally correct: There is a cap of how much Bitcoin price can increase, at least before multiple halvenings. If it increases above this cap, the mining power usage will become so absurd that external forces will come into play (regulations, and very negative perception once people realize that it's absurd). That's why I don't believe in any crypto that doesn't at least have a path to switching to PoS (or some non PoW system).