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it might one day be a MoE
It also matters how far out that is. Even if the mean expected timeline just moves from 15 to 20 years for widespread adoption, that has large implications for the current value.
It's also always in comparison to everything else. If bitcoin's expected to 100x over the next 50 years and gold (or whatever) is expected to 2x this year, capital will move towards gold despite widespread agreement with us about bitcoin's future. A lot of stuff has been changing quickly on the global landscape, which presumably is leading people towards other shorter term investments.
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It's a deeper question than it seems.
Much of btc adoption was based on the belief that it might one day be a MoE, even if it was in no way true in the moment, and barely moving toward being true.
The credible belief was everything, it pulled value from the future to the present just as undeveloped land does - some visionary imagines that it could credibly be highly sought after because of various reasons, and the belief in the future desire for it recursively pulls desire for it to the present. Very Keynesian Beauty Contest.
Hard to say what anyone believes now. Saylor can somehow gin up investment dollars still, so that's something.