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If there is a fixed cost to produce something, then if the value ever moves above the cost, more will be produced until the value falls to the cost. This means that the value is anchored to the cost. Bitcoins do not have a fixed cost. It would be more accurate to say that the cost of bitcoins is anchored to the value.
Wouldn't it be capped by the cost (+usual profit)? There is nothing about the cost of production that prevents the value from falling below the cost and all the way to zero.
Why not? It's not hard to calculate the cost of production (cost of hardware and electricity) for bitcoins. That cost changes with time, but that's normal for most everything.