If a small-ish group of people can buy the daily supply with a smallish amount of money, I would say that the system is in it's death throes.
According to your logic, Bitcoin was dead 2 years ago.
But let's examine something. If the price went back to $1, Bitcoin would be just like it was when it was previously $1, except for the following:
- many new exchanges
- many new merchant solutions
- many new vendors
- stronger hashrate
- stronger brand recognition
- longer lifetime (more reasonable to trust)
- stronger client software
- no displacement by multiple competing chains
- etc.
If Bitcoin was viable when it was previously $1 WITHOUT all those subsequent improvements, it'd be reasonable to think it's viable at $1 WITH all those improvements.
Sounds good.
What I'd like to do, since there are many places to spend it:
I would like to buy several $100 bills from you in USD. I will offer you $25 each for them. Next week I will give you $20 each for them, and next month $10.
You'll be able to spend the $10 anywhere you'd like, or, I could buy that $10 from you 2 months from now for 25 cents.
If you prefer coins, I'll buy as many silver dollars as you want to sell for $0.30 each.
Or for pure silver, I'll buy it from you at a year ago's prices.
We'll neglect inflation for the point of all of these.