This is great analysis. The only caveat I would add is that while bitcoin is commonly priced in $ (fiat USD) it is much more commonly bought and sold in USDT.

This is great analysis. The only caveat I would add is that while bitcoin is commonly priced in $ (fiat USD) it is much more commonly bought and sold in USDT. In fact, if a bunch of actors decided to sell bitcoin there might be plenty of USDT for that but not US$. Some of that is due to the fact that exchanges don't due proper KYC and have trouble maintaining US banking arrangements. Some of it may be that the market is propped up by less fiat then it would need to be liquid in fiat. I am not saying that as a problem-- maybe-- I don't know. I am just saying that as if you say bitcoin currently requires $9b usd a year to maintain its price that is not actually true.