Value is subjective, art is subjective. Meaning value including your opinion of beauty is indeed in the eye of the beholder.

Art encompasses many forms and modalities. Humans utilize substances and objects to create art.

Diamonds are a specific object, a mineral. Humans use diamonds to create art or they could be seen as god given/naturally made pieces of art.

It would be more accurate to say art can be made out of a mineral we call diamonds. Is any substance or object naturally occurring or man made art? Is iron art? Is water art? Is wood art? Is a rock art? Is salt art? Is paint art? Up to the eye of the beholder.

One could say God/nature creates art, but that diverts from the thoughts here that diamonds being curated by humans, marketed and sold is art so I'll stick to art being made by humans.

So take a different form of art or better something other than diamonds people use to make art as a better comparison.

If a company or group of companies controlled an object other than diamonds used to craft art, all red clay or all charcoal, and controlled the markets to sell the clay or charcoal.

And they used slave labor, marketed the clay or charcoal as scarce. They militantly capture the distribution and sales market.

So what makes the product scarce is the criminal capture of technology, the best mining locations, the ability to mine and markets to sell.

And then conditioning society to believe you need the charcoal or the clay to show love to your spouse. All in tandem with regulations / governments.

Then those forms of art would be more like the modern diamond market, whether diamonds are art is your opinion. How you see it or want to see it is of course up to you.

Or if a company captures a certain sand, or a certain rock and gets people to desire it, forces slave labor and markets it to get people to think they need it for love, thats no different and in the eye of the beholder too.

Value is subjective, reality is objective. Everyone can think whatever you want. Not everyone is free from the consequences of those thoughts.

Diamonds are objectively a scam because of reality. #Bitcoin is objectively useful because of reality.

The value of bitcoin or diamonds is subjective, the value is in the eye of the beholder.

One can think bitcoin is ugly and diamonds are beautiful. That person can see someone in a third world country flee from a dangerous city/living situation, a war zone and or a tyrannical government with their life savings thanks to bitcoin.

That same person can watch the slave labor mining diamonds. Watch the people enforcing this labor plan the marketing systems for the diamonds that conditions people to see them as desirable, beautiful and needed for love.

And they can still hate bitcoin and love diamonds and think the sculptures created with the diamonds are the best art of all the art ever to have existed. And be swept away by the song "diamonds are forever" while other people around the world desperately look for a medium of exchange and store of value no one can corrupt, censor or steal. Eye of the beholder, to each their own, up to you.

But again the consequence of trusting they are real diamonds when it's possible they are not, or that the scarcity enforced will continue forever. From new found mining, regulation or manufacturing technology or a cultural/societal change. Or that they invite violence when you aren't in a safe place.

And for bitcoin that it wont prove to become more necessary for people around the world.