I sometimes wonder if pieces like these, trying to value bitcoin actually understand what they are doing. Cryptocurrencies are entirely new and trying to fit it

I sometimes wonder if pieces like these, trying to value bitcoin actually understand what they are doing. Cryptocurrencies are entirely new and trying to fit it within an existing fixed framework is an issue. The main question is - How do we look at it? Is it a currency, store of value, derivative, medium of exchange, technology? This valuation seems to focus on the medium of exchange and currency aspect. But there are other ways to approach it. One of the easiest and maybe amateurish way to look is through the mining and electricity costs. Sure, it is like a self fulfilling prophecy - more you mine, higher the difficulty and hence higher electricity costs, then you mine more, difficulty increases and it goes in circles. Obviously the electricity costs are alone not enough to justify the current value. But it certainly will not be zero.