First, you have to consider the definition of the money and what is the main purpose ?
Secondly, BTC is not a currency and has no intrinsic value. It’s a private fiat currency whose value is whatever the markets say it is (Elon Musk and his tweets for instance). It’s a bubble with excess of volatility which outperform any asset class and in a more dramatic manner, has surpassed all the performance compared to the former Madoff organization with his Ponzi scheme.
Thirdly, there is no real equilibrium. BTC can explodes and goes to infinity or implodes and falls to zero, even when the money stock remains fairly steady or does not change at all.
Fourthly, the fundamentals are not set: no cash flow, no return on assets, and no conservative gearing.
Furthermore, the value of the BTC is 0 or even negative.
Bonus:
. With the new Administration, Biden is seeking solutions to reduce the Carbon emission. He can create a Carbon Tax to the companies creating a massive hogging pollution. Which mean they use energy and furthermore, useful to mine BTC.
. Biden can sign an executive order saying 1 BTC = $1000 for example. To avoid any speculation through inflationary monetary policy purpose.