This isn't really a new concept. The only people who are bullish on crypto's intrinsic value are people who believe that laws and institutions are oppressive.

This isn't really a new concept. The only people who are bullish on crypto's intrinsic value are people who believe that laws and institutions are oppressive. Even in its early history, cryptocurrency was a way to invest in outlawed activity. In the US, that might be dealing drugs. In Russia, that would be violating sanctions. If all investments are bets, early cryptocurrency investment was essentially a bet that criminal activity would increase and/or that criminals would increasingly use that token. Nowadays, speculation has likely drowned that "value" out, of course.