I agree with some of what you’ve said but not all

bitcoin has intrinsic value because its simply more practice for society to collectively hallucinate that its valuable, because it allows for more trade. and at the same time, its deflationary, causing that collectively hallucinated value to increase over time. The only case in which Bitcoin could ever fall to zero would be in a 51% attack if the attacker chose to double spend a ton of coins, hyperinflation the currency - but that would never happen, because it would be super expensive, and because its not in the attackers economic interest, so it makes sense to rule out that scenario. its arguably less likely then nuclear war