Pricing bitcoin has a lot to do with psychological reasons which are counterintuitive.

If BTC was, say, 21 billions (and we had issued ~16 billion), nobody would consider it "expensive" at 0.45$. You'd hear people saying that anything under 1$ or 10$ is undervalued.

Now 10$ doesn't sound a lot, yet 10k does - or sounds "too high".

However the 10$ on a 1000x supply and 10k with the current supply, would represent precisely the same marketcap.