When people disassociate “Bitcoin” from “Blockchain”, then the real value of Blockchain will soar.
Right now I see three layers and distinct areas of value creation all from the original “Bitcoin” paper published by Satoshi Nakamoto 9 years ago https://bitcoin.org/bitcoin.pdf. But “Bitcoins” as commonly though of as “Blockchain” is simply one use case on top of Blockchain software.
The bottom layer is Blockchain. That is a shared, collaboratively verified, immutable ledger with the ability to write cryptographically presented contracts. (“smart contracts”) This layer will be the Enterprise software layer that will lay the groundwork for many corporations software in the next 25 years many corporations like Enterprise Java was able to do as a foundation layer for modern enterprise software 25 years ago. There is no need for currencies or cryptos at this layer, though they may be used in some use cases.
The next layer is crypto currencies, which at the end of the day is a use case on top of Blockchain technology. With Cryptography being used to limit the total amount of something produced, value is produced by limiting supply. A limited supply create demand and hence the reason for crypto currency values. We don’t know how much gold is in the ground, but we do know the amount a “coins” a crypto currency can have in its lifetime. While Cryptocurrencies are all the rage right now, I see this as a political disruptor more than anything. Depending on how the large countries design their crypto currencies (And they will all have one in the next 5 years, except the US which is too politically divisive to enable one) and legislate their uses, this may just be another enabler. Crypto currencies will exist and proliferate, but legislation and criminal penalties will change the nature of their impact. The main change to Fiat currencies will be the fact the the total amount will be limited (mathematically) and change the entire way countries print money on demand to handle various situations.
The final layer is an application of the first two. This is the “tokenization” of payments and chaining the economics of money flow. This is an application of Blockchain technology and crypto restricted value centers. The “ICO” phenomenon is the first affect of “Blockchain and crypto tokens” being put to use. Allowing money from anywhere flow in the finance of things. Today it allows companies of dubious ability to grow by issuing tokens to be traded for future value . Tomorrow it will be the way goods and services are sold. This will mainly be a use case and economics driven change to the worldwide economy. The Blockchain technology and crypto used in a currency example are the technology “applied” to a unique use to trade for goods and services.
So I think there are three layers, Blockchain technology applications, crypto that is mathematically limited in numbers and services built around the application of these technologies.