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.
Unless you somehow enjoy sending coins back & forth, and don't care if they buy you any goodies, i think we're talking "
instrumental value."
Frozenlock just gave the answer that ends this discussion. The blockchain has the potential to become so much more than a ledger that stores bitcoin transactions. Bitcoins however are what gives you access to it. Intrinsic value, right there.