Does Bitcoin Have Intrinsic Value?
Aside from the economic insight that value is subjective, and therefore the idea of "intrinsic value" is nonsense, it's interesting to think about whether other assets have better non-monetary uses than Bitcoin.
"In this video, I discuss the various definitions of "intrinsic value" in finance to see what applies to Bitcoin.
I conclude that there is no such thing as "intrinsic value" in finance. Options can have intrinsic value if they are in the money, but commodities, stocks, etc. don't really have an intrinsic value.
They might have a cost of production or a market value or a utility value, but not an intrinsic value that can be easily defined or agreed upon by everyone.
Bitcoin may not have intrinsic value, but the market clearly finds it valuable and has done so for many years now. People who think that they know better than the global market and that Bitcoin is worth zero are suffering from intellectual myopia and probably haven't done their research.
Bitcoin is an extremely robust global monetary network, as well as a digital commodity without a corporate or government issuer.
Bitcoin has verifiable scarcity that is enforced by various equilibria conditions that harness human greed for human good.
Bitcoin is the only bearer asset in the world that can be instantly zapped anywhere in the world.
Bitcoin allows human beings to send value to each other digitally and store that value without needing permission or help from a government or bank or other corporation.
If that's not intrinsic value, it is certainly utility value.
If you don't think that Bitcoin has utility--
It is probably because you live in a country with a strong rule of law, strong property rights, a relatively stable banking system, etc. and you're suffering from the worst kind of first-world privilege and myopia.
Even very civilized places are usually only a few steps away from fiat breakdown and total societal collapse, as we've seen with Lebanon and Turkey recently.
Bitcoin offers hope to the world."