The problem is that scarcity alone doesn't create value. Utility does. Lots of things are scarce that don't function as a store of value. What creates the value is demand, and what creates the demand is utility.
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Scarcity is irrelevant, utility drives demand, like nutrient-dense animal products.
Bitcoins utility is "currency" as stated in the title of the whitepaper. However, stashing a large portion of the supply in wall street coins is many things but certainly not adoption and specifically not adoption as currency. Even if some people thought that would be the case.
Having said that, the current value is ridiculous because of the beforementioned reason. If you reduce the circulating supply of a currency it should go up in value, not down. But if you sell enough of the limited supply to wall street - the value becomes deluted.