I think that's an interesting question. Long term I feel that there is an arbitrage between Bitcoin prices / block reward and energy prices. You may be right a

I think that's an interesting question. Long term I feel that there is an arbitrage between Bitcoin prices / block reward and energy prices. You may be right about big swings as demand for money fluctuates, but we need functioning credit markets in Bitcoin for that to even be an option. This is still very far in the future.