Well no, bitcoins current value is clearly primarily based on speculation, and distinctly divorced from its value in usage. If it vanished tomorrow, and was replaced, the new coin will likely not reach the same height as bitcoin; its speculative valuation would vanish, and it would reach merely bitcoins true value (based on its utility). And its true value is likely quite low; at least nowhere near where its at today.

That is, bitcoin doesn't yet justify its own existence. A new one will replace it, but hardly out of necessity, rather simply because it is trivial to do so. If its existence was suddenly erased, few systems would be affected (mostly layer 1 actors, those directly associated with bitcoin: miners, coin devs, a few startups, etc) and most corrected quite quickly. there's not yet a true dependency on cryptocoins or blockchaind; the game is the almost exactly the same as it was with or without the bitcoin paper.

Its not yet changed.