My point is it also goes in the other direction (not to understate how ridiculous bitcon's energy usage is, though): the reward in BTC reduces exponentially over time (this is why there is a finite amount of bitcoin that will ever exist). Even if the value goes all the way to the moon, the rewards will eventually peter out (though it might be on the scale of many decades: the reward halves every 4 years or so). This means the cost of sustaining the 'value' stored in bitcoin will need to fall on those who own that value (lest it be stolen), and that could be very expensive compared to other forms of value storage.

Bitcoin could very well be simultanously ridiculously inefficient and yet have insufficient incentive to keep mining at a secure level long-term.