Energy competitiveness will reduce hashrate. There’s more money and value captured by AI (more people want that to win than Bitcoin if it was a choice). Energy is now only flowing to either AI or Bitcoin. Competing interests say that Bitcoin is less sexy, and now energy is directed to AI. Hashrate down, Bitcoin gets double spent into the shadow realms. This is all IF cryptography like ECC can hold up. If the chain isn’t secure, then there is no Bitcoin. Bitcoins misaligned community makes it the perfect target too.