Bitcoin certainly has an intrinsic value (because it is a globally accessible medium of exchange). However just like gold its value is also most likely way abov

Bitcoin certainly has an intrinsic value (because it is a globally accessible medium of exchange). However just like gold its value is also most likely way above its intrinsic value. The intrinsic value of gold primarily consists of industrial applications + jewelry. Compare the price of 1kg of gold to the price of 1kg of palladium: It's $42k vs $29.5k, although palladium is much more important for industrial applications and less common in the earth's crust (https://en.wikipedia.org/wiki/Abundance_of_elements_in_Earth%27s_crust https://en.wikipedia.org/wiki/Abundance_of_elements_in_Earth...). So why does gold have a much higher price? Because people continue to believe in it as a way to store value. The same thing is happening with bitcoin. As long as people believe bitcoin will be useful as an asset the price will stay high. But because of that, bitcoin is a speculative asset just like gold.