No, we're not seeing "essentially faith" with bitcoin. It's more. I have to agree finally with Max Keiser: bitcoin does have intrinsic value (I used to argue it was all pure faith). The intrinsic value of bitcoin is it's scarcity combined with the fact that you can send it through the internet anonymously. That's intrinsic value right there.
I can do this with a slew of scammy altcoins. "Onecoin" is a much more scarce crypto-currency than bitcoin. So much for intrinsic value.
The scarcity point is completely irrelevant right now -- the only way to know that future demand will be sufficient is to crystal ball that shit.
This is indeed "essentially faith". But, I think, that is the way of most burgeoning ideas -- early adopters need to have faith. Rome doesn't get built in a day.