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  The Path to a Utility Floor: Why Bitcoin May Settle at $15,000 As the digital asset market matures, the debate is shifting from "What will the price be?" to "What is the network actually for?" For years, the valuation of Bitcoin has been driven by its scarcity and its potential as a "Digital Gold." However, as it transitions into a functional financial service, a new set of economic pressures is coming into play—specifically the high cost of recentralization and the replication of its technology by traditional institutions. When we strip away the speculation, a "Utility Price" emerges—a value based on the network's function as a settlement rail rather than a speculative asset. 1. The Paradox of Recentralizing for Security Bitcoin’s original value proposition was its lack of central authority. However, for a network to function as a truly secure, institution-grade financial service, it requires the very things it was designed to avoid: Com...