A common bitcoin criticism is that it has no intrinsic value, which sounds smart until you apply the same standard to everything else investors buy.

A stock is not valuable because a spreadsheet says so. The spreadsheet is one person's estimate of future cash flows. Gold is not worth trillions because it makes jewelry and electronics possible. Real estate is not priced only by shelter, or the same house would cost roughly the same in Oklahoma as it does near the beach.

When people say intrinsic value, they usually mean utility. The harder question is whether the utility matters to enough people.

Bitcoin's utility is pretty simple. It has an absolutely fixed supply, it can move across the world without asking a bank for permission, and private keys give the holder direct control without counterparty risk.

That does not make the price go up in a straight line, and it does not remove speculation. It means the market is valuing a new form of monetary utility, just like it values every other asset through human judgment about the future.

Read the full piece: https://firebtc.io/p/the-intrinsic-value-myth