Noob question. Is there a way for one to somehow value this instrument for market vs intrinsic value..
If you value it by expected future cash flow, you get an easy answer: zero.
So, Bitcoin is in a same situation as all the other fiats in the world.
And it's a little bit worse. If Bitcoin was a currency of a small country, all the inflation would be happening outside of the country, and it would be guaranteed to hit the exchanges and influence the exchange rate, pushing it down.
We know this because miners must pay running costs in other currencies, so all those costs must go trough the exchanges. In this model, exports from Bitcoin country would be speculative buying, or buying to use Bitcoins. The size of influence of this "inflation as imports" model depends on the depths of orderbooks on bitcoin to fiat exchanges.
So, once the speculative buying stops, Bitcoin has nowhere to go but down, as all the existing bids on the exchanges are eaten and ultimately converted into excess heat.