The only use case of Bitcoin (I think) will be store of value. Digital gold essentially. Ethereum seems more interesting and versatile. I'm not big on gold eit

The only use case of Bitcoin (I think) will be store of value. Digital gold essentially. Ethereum seems more interesting and versatile. I'm not big on gold either, but like Bitcoin it has limited use cases aside from embedding tiny amounts into electronics and jewellery. Speculation, probably. Alternatively, the returns could be due to the uncertainty: will it or will it not become a store of value. You're essentially getting compensated for not knowing and for the risk you're taking. If you look at Microsoft, when it IPOed, it was worth $750M. Now it's worth $550bn. Companies IPO a lot later now, so unless you're seed investing, you can't get those returns by investing in the public markets. With Bitcoin, it essentially started from zero, hence the crazy returns. Having something that is safe “outside of the system" is also pretty good. I know for a fact, if the Bitcoin price would be relatively stable (or comparable to normal gold) and it would serve as a store of value, I would rather own Bitcoin because it is 1) more convenient to move around (in comparison to gold bars, or no fees in comparison to an ETF), and 2) more safe from confiscation. And I say that without trying to sound like a conspiracy nut.