I do have a bet with a friend regarding btc price going under 1k i made in 2019 but it's just for fun..
It is all in the demand.
A lot of that 80% flucuation is made up of short term speculators.
But some people are hardcore holders, and others use it because their national currency is worse (Venezuela, Sri Lanka).
Couple that with the network effects (BTC is the largest still), and that's all it takes for the price not to go to zero.
I do have a bet with a friend regarding btc price going under 1k i made in 2019 but it's just for fun..