Bitcoin has become valuable over the years, because it was useful in commerce, a peer to peer electronic cash. Now that bitcoin isn't as useful in commerce, and is losing it's utility as money or currency, bitcoin proponents shifted the focus from P2P electronic cash to P2P electronic store of value. therefore bitcoin is a store of value and that it is for HODLing. In my opinion If bitcoin had value because it was useful in commerce, now this usefulness has been removed, but nothing changes. Bitcoin basically has value because it has Intrinsic value, Maybe because for technology behind it.