Bitcoin security would not be irreparably degraded if hash power decreased over the long run. The worst consequence of a gradually lower hash power / market cap ratio: it may require recipients of very-high-value transactions to wait more blocks before relying on them.https://twitter.com/mhluongo/status/1092559882056802304 …
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It depends on how low the hashrate can go. Bitcoin hashpower at a low single digit % of total SHA256 hashing would be an utter catastrophe. Trades would require days worth of confirms to go through with safely.
Competitors can't fund that much hash power from inflation unless the demand for them is much greater than the demand for Bitcoin, in which case Bitcoin is hosed anyway for independent reasons;.
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I would argue that within a few years, transaction fees could sway this more than inflation/block reward
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