Rowan, this is a great question. While there is no "intrinsic value'' per se, there are different ways we can value Bitcoin. For example, one metric gold and other metals are measured by is the cost of mining them. This could be applied to Bitcoin. Bitcoin could also be valued by the number of users in the network or the average value of each user.

Intrinsic value measures objective value which is challenging to do with Bitcoin. Just like a book has little objective value, it can have tremendous subjective value depending on who reads it and what the person gains from reading it. At the end of the day, Bitcoin pricing is determined by supply and demand. However, the Bitcoin market determines the pricing, not government policies, fiscal policies, or monetary policies.

Bitcoin is a bit like a financial Swiss army knife. Think of all the things you can do with a Swiss army knife. Many of the features will be used by one person, but unnecessary to someone else. Long-winded response to say I can't answer this question because we have no agreed upon objective valuation metric. Currently, the pricing is subjective lending to its volatility,.