The real value in crypto is for storing black market currency. Before, it had to be stored in cash where it could be stolen by other criminals or confiscated by law enforcement. (Watch Narcos if you want to see a pretty good dramatization of how Pablo Escobar buried his money in caches around Colombia.) If Bitcoin was around at the time, Escobar certainly would have used that instead.
It does have speculative value, as well, but I suspect that if you subtract speculative investments, the remaining total market cap of crypto is the value of criminal profit.
It does have speculative value, as well, but I suspect that if you subtract speculative investments, the remaining total market cap of crypto is the value of criminal profit.