I think it does have intrinsic value - that value lies in allowing some people, in some areas, to circumvent tracking or avoid authorities. To those people, BTC

I think it does have intrinsic value - that value lies in allowing some people, in some areas, to circumvent tracking or avoid authorities. To those people, BTC brings value which cannot be had elsewhere. My personal belief is that this is what fuels BTC's value, and the rest is speculation (but then it's similar to stocks). I don't think that whether it has this property (and value) is in question - the question is how much of BTC's price is fueled by that value.