The same reason art or collector's cards or rare stamps hold value. There's nothing inherently valuable or productive about any of these asset classes. None of

The same reason art or collector's cards or rare stamps hold value. There's nothing inherently valuable or productive about any of these asset classes. None of them will ever generate dividends. The appreciation of them is purely subjective, and if that social illusion broke down then they'd go to $0. But they have enough social proof and staying power, and enough people who are interested in the aesthetic or community, that the belief in them as a store of value has become a self-fulfilling prophecy. It's more of a social phenomenon than anything to do with finance or economics. There's also the utility explanation (or the bet that it will be useful in the future), which is probably another part of it.