You're conflating two different things. One is "what moves the price of an asset." What moves the price of an asset is supply and demand. In the case of BTC,

You're conflating two different things. One is "what moves the price of an asset." What moves the price of an asset is supply and demand. In the case of BTC, the supply is (generally) predictable and limited (though I guess someone could reclaim one of those early big wallets that are assumed to be lost forever or something). So demand dominates the BTC price. Note that this is completely irrespective of whether Bitcoin does or does not generate real economic value (like, the production of more goods or services that directly improve the lives of other people). If the economy as a whole (in terms of, now, real value that is actually delivered to people's lives) is shrinking or stable, then for Bitcoin to be increasing in value, something else has to be shrinking in value. But if the economy as a whole is growing, then it is possible for some of that growth to land in Bitcoin such that everyone with Bitcoin is better off than before, and nobody is worse.