Possibly, but when it's almost impossible to be certain of the value of a thing, as it currently is with crypto, it being a new tech, the supply is less relevant. If for some reason, every long term holder of, say, BTC, sold up and bought, say, whiskey as their new long term investment, BTC would crash in price and whiskey prices would soar. There'd still be the current amount of BTC, but it would have become almost devoid of value.
I've been thinking more about this since posting, and it occurs to me that the cryptos with intrinsic value are those that have added functionality on their blockchain. Those that are merely currencies, as it were, lack that underlying worth, and are reliant on trust... Interesting, I'm probably going to post more of these random musings, thanks for reading, hope you'll take the time to read any further musings. An upvote would be nice too, I'm trying to make some cash to pay uni fees and rent... ;)