It's been there before.  I believe it's going there again, based on market fundamentals. I've ranted enough about it in Economics and Speculation, so I won't repeat it all here.

There's no force that holds it over $1 (other than a bump in market support that will make it hover there for a few days), and there's no reason it becomes useless at that point.  There was a small but successful BC economy when it was a small fraction of a dollar.