I wouldn't say laundering money is its only utility, but the value of BTC is quite likely a reflection of the economic value of illicit activity (or black-marke

I wouldn't say laundering money is its only utility, but the value of BTC is quite likely a reflection of the economic value of illicit activity (or black-market savings, if you prefer). Given how relatively difficult BTC is to use for the average person, it's the simplest explanation (per Occam's razor) for why it's worth so much in aggregate. Think about it: If you were a criminal, would you rather keep your cash under a proverbial mattress like in the old days, or in properties that could be seized by the local government? Or in BTC, where it can't really be seized, is semi-anonymous, and where there is a (imperfect but decent) exchange market for fiat currency (and, rarely, goods and services) when you need it? I know what I would choose.