Well why should anybody believe you? You haven't even presented an argument here as to why Bitcoin has value. I believe the value is created when the coins are mined, and it is that exact energy expenditure that gives each Bitcoin a baseline price. The market may be paying more than it is worth now but that doesn't mean it has zero intrinsic value like some like to claim.
your getting it.
bitcoins underlying value (the bottom/ all time low value) is based on cost of production.. much like gold mining. a gold miner would never sell their gold for less then it cost to extract the gold. and thus bcause it cost $1k+ to mine gold instead of $1 .. its why gold has a baseline support value of ~$1k+ not $1
lets thnik of it like a bathtub of water. where the waterline is the true value... then ontop the water line is the speculative area based on utility/function/desire. and how many thousands of coins(out of the millions) are on an exchange to satisfy a demand.
this speculative area above the waterline is the bubble area. that can rapidly inflate or pop. depending on how much the bath water is stirred up by many different reason. but stilll leaves the waterline(base value) intact
