> Bitcoin, by contrast, has no intrinsic value at all.
The idea of intrinsic value should die. It's fundamentally a complete misunderstanding of what value is based on.
FIAT currency and Bitcoin have value as long as people believe it has value.
Value isn't some objective criteria it's a highly subjective one, what one considers valuable another might not. depending on what we are talking about, you can then add some more solid criteria such as utility, scarcity, trust in the future and so on. Depending on what context value is to be understood in you get various fluctuations in price and then finally you have some exchange between two parties where the price is agreed.
The idea of intrinsic value should die. It's fundamentally a complete misunderstanding of what value is based on. FIAT currency and Bitcoin have value as long as people believe it has value.
Value isn't some objective criteria it's a highly subjective one, what one considers valuable another might not. depending on what we are talking about, you can then add some more solid criteria such as utility, scarcity, trust in the future and so on. Depending on what context value is to be understood in you get various fluctuations in price and then finally you have some exchange between two parties where the price is agreed.