Many folks make the argument that Bitcoin has no “intrinsic value”. What they fail to realize is that no thing has “intrinsic value” – not even gold. No thing has value in and of itself. Value is a verb. In order for something to have value it must be “valued” by someone.
Value is subjective.
Bitcoin is not “backed” by anything and neither is gold. Neither has to be backed by anything. Some people value gold for what it is and what it allows you to do with it. Some people value bitcoin for what it is and what it allows you to do with it.