Utility.

The statement "value is subjective" means that the worth of a good or service is not inherent, but is determined by an individual's personal preferences, needs, and circumstances at a given time. For example, a wool coat is highly valuable in cold weather but not in hot weather, and one person may value a diamond necklace highly while another person does not care for it at all. This theory is a core concept in economics and is often contrasted with the labor theory of value, which posits that value is based on the labor used to produce a good…

I would say we give bitcoin it’s value

The people that use it give it value?

The cost required to produce it + scarcity + utility.