I believe that if Bitcoin tanks, Steem will see massive bloodshed, too.

STEEM may die as a speculative shitcoin just like Bitcoin is, to be honest. But I don't think it will die as a utility coin. As long as the chain runs, there will be some demand for it. The content on Steem created by its users is what ultimately makes it valuable, not some despicable speculative negative sum game like the entire crypto market in the last ten years. What makes it valuable to create content on Steem is the freedom from censorship. You should try using Quora, for instance. Nasty censorship on a daily basis. It's bullshit. I will always continue to post to Steem regardless of the monetary value of the rewards, at least by cross posting from elsewhere. Why would people stop using Steem just because it doesn't pay? Billions of people use social media every day without getting paid at all. The very concept is completely alien to the vast majority of people.