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Glad you read the blog post and that it clarified things a bit.
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Next step: read the comments on that blog post, also first post and the two verified answers here: Does the Ithaca Hour Disprove the Regression Theorem? Hint: Which one word of this quote from your post is the weak link: “…Bitcoin had some tiny novelty value to some people…”
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Finally, there is a flaw in the reasoning when you write, “The regression theory as you explain it doesn’t say bitcoin will fail, it only explains how the snowball started rolling in the first place.” Hint: reread the analogy in my previous post here about building a three story house.