Scarce Resource
One of the main reasons for Bitcoin's value is that the supply of Bitcoin is limited. 21 million bitcoins will be supplied over 18 million bitcoins have already been mined. Because the value of Bitcoin is determined by the ratio of supply and demand. Day by day the demand for BTC is increasing and the number of Bitcoin holders is increasing due to the growing population and the price is likely to increase in the future. Experts believe that competition between holders will increase the value of BTC in the future when the supply of Bitcoin reaches 21 million while mining Bitcoin will not.
I agree with your points except the one I quote above. I have also tried to correct this impression of bitcoin being a scarce commodity several times. I don't know how that concept emanated
According to Oxford dictionary, the word "scarce" means "insufficient for the demand."
Then bitcoin is not insufficient for demand. If I want to buy a million dollar worth of bitcoin today, I'll buy it successfully. Why then say it is scarce?