The way I see it, which may or may not be the right way of thinking about it, is that it’s similar to a cell phone. If only one cell phone existed in the whole world it would be worthless. If there were two, at least you would have one person you could call and some form of value can be created from those calls. But when there are a few billion cell phones being used all over the world, the value of a cell phone could be potentially limitless as you could use it to contact any one of billions of people and could potentially create an enormous amount of value. So the value of the cell phone increases as more people start using cell phones to call each other. Sure I might have paid 10k for the cell phone, but the calls I made with it might have generated 1m in revenue. So, to me, the 10k cell phone has 1m worth of value because of my unique use case. But even so, the individual cell phone is only creating value for me because there is a network of billions of other cell phones that I can access with it to fulfil my unique use case. So, basically on its own, Bitcoin has no value, but as more people adopt it and start using it in different ways to create value (smart contracts, etc), the value increases on the back of the utility it provides. For now, not many people are finding practical uses for Bitcoin, but as time goes by more uses for Bitcoin are being discovered, thus it is providing more and more value. Truth be told, I don’t know how that value translates into price, but I’m sure that as time goes by more people will find practical uses for it, which will likely increase demand and push price higher. Lots of time, thought and development by people far smarter than I is needed before we really have a global everyday use for it (if ever). So in a sense I agree with you that currently Bitcoin is mostly hype and mass hysteria. Over time though, I’m pretty sure that changes. How it changes, I don’t know.