Real markets, or the companies within, make something that people need. They have equipment, customers, etc. Maybe they are important enough that the state has to bail them out. Maybe they get restructured or merged.

Anyways, there is some kind of floor to which they can fall, and which will catch them.

What kind of "floor" is there for crypto? By definition it is not tied to anything non digital? Right?

The floor is belief in usability for transfers, for speculation, for avoiding local inflation, etc. You don't need real-world-value for that.

A company can go out of business and cease to function. What would cause the Bitcoin network to cease to function? There will always be a market price and it will fluctuate. But the end of Bitcoin? Would be like the end of BitTorrent, not gonna happen.

[EDIT: Made my argument clearer.]

Not a finance expert, but I disagree with what you're saying:

There's a feedback loop between:

1. The price of BTC, which depends on people's willingness to mine it (without which, BTC doesn't have security).

2. The willingness to mine BTC, which depends on the price. Why would you mine BTC if you're not sure whether you'll be able to sell it for more than you mined it for?

A decline in 1 can trigger a decline in 2, which can trigger a decline in 1, which can trigger a decline in 2.

BTC can have an end. Oh, and BTC is not like BitTorrent.

It totally is like BitTorrent. As long as some people are willing to run the software (mining + full nodes) it will work.

The "feedback loop" you describe would reach equilibrium due to difficulty adjustment (blocks could be really slow for some time). Granted it would then become cheaper to 51% attack. Maybe one could consider Bitcoin "dead" at that point but it would still be working.

If you’re buying growth stocks that pay no dividends there isn’t much of a difference, and there’s no coincidence that those are also the stocks that have crashed as hard as crypto.