Its true that bitcoin does not have any intrinsic value since it is not backed by gold or any other asset.
But in other words,it could be even said that it is invaluable since no one could fix a maximum price limit for it.
Some even compare it with tulip.But tulips were traded in just contracts without even holding them which made its trade to collapse.But,bitcoin is verified.
3. Hurdle rate - Rate of return required to compensate for the risks associated with holding Bitcoin. Yeah, technopolitical hurdles or backlash from a country can have an impact on Bitcoin's expected value.
We recently saw that even china,the once dominant ruler in bitcoin world could not have an impact on bitcoin's price and progress.So,bitcoin's price could not be affected by such factors.
Bitcoin's price could not be calculated based on its mining cost.If it has to be calculated this way,then what would be the fair value of gold today?Its fair value would be very less and its today's price is also a speculated price based on the increase in demand for it.