The value of things is
subjective. If its useful (or cute/cool) to you at that particular moment, you value it, if not, you don't.
Very simple: diamond in your pocket vs water in the Sahara desert. What good is a diamond when you are about to get dehydrated?
Reason people buy something its because they find it useful for their needs (or taste) at that given moment. The balance of those who think so and those who don't, is reflected in the market.
And yes this is more or less what the
austrian school of economy teaches, the rest is nonsense. Time will set things straight.
The features of Bitcoin makes it valuable to a group of people, everyday growing more. They buy it and keep it. There is another group who thinks it doesn't have a future, they sell. The correlation of both is reflected in the market. Care to guess which side is winning? And why is that? The features of Bitcoin cannot change overnight by executive decree, this is one reason, but there are many more. Some people understand it, some don't, again, this gets reflected in the market.
So, stop wasting your time looking at the other schools of economy, they got it wrong, they don't look at history seriously like the austrians did. Time will set things straight sooner or later. Yeah, "intrinsic/extrinsic" is garbage, throw those concepts out.