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In this case, utility means usefulness for achieving certain ends, whatever those can be. If something is scarce but lacks utility, it won't have any value because it is not useful for anything. But utility without scarcity is also pretty much useless for receiving a price tag. For example, the air we breath has absolute utility, without it we would die within minutes. But it has no price tag because it lacks scarcity. It is abundant, so having more of it (so-called marginal utility) doesn't add anything to our well-being as well as wealth.
So therefore, these two should be consider in classifying a coin and bitcoin have it all.
Bitcoin as utility
1. perceive as great asset
2. currency ( eventually )
Scarcity
1. rare with 21 million supply
However, this contradict the above statement.
I do not think this is true.
If utility is that important then Copper shouldn't be cheaper than Gold or Aluminum cheaper than Copper. Gold is mostly use for decorative purposes. Copper and aluminum has more utility.
These are what matters most:
Attractiveness
Uniqueness
Rare
Long lasting (gold is corrosion resistance)
Durability
This should be a lot of talk and proofs so I think we shall stick with the supply and demand which is a basic determinant of value.