How would that work out when the BTC price goes down to $0.1 ?
Depends how fast that happens. If gradually. Nothing. If black swan, then you have a liquidity shortage which would need some kind of deleveraging functionality. That is the edge case, though.
So, if I see that it is at $0.3 for a few years, and it starts rising to $0.4, and then $0.5, I think it found utility. I know it will then rise until $10.
And what if it varies between $0.000001 and $10 in a massively volatile pattern over the course of its life?