in order for that token to hold any value in relation to Bitcoin?
I realize my question may be a bit scrambled so thank you in advance.
Not necessary need an ICO for any token to have value. There are lots of project in the past that never conducted any of fund raising on their platform but they got huge demand. Its like you have a very strong concept and the people loves that and the reason why they are buying them. I remember this project called railblock, which as far as I know do not conduct any ICOs but they are just giving away rewards of xrb for free for solving capcha online, later on the project becomes in demand and raise a lot of value. Its the purpose and objective of projects to have store of value and now that project change name to nano. I am regretful cause I earned some of that tokens but there are buyers of that for a small amount. Im an idiot to sell cause that tokens valued very high during the last bull run.
If you knew the future, you would become a billionaire. I, like you, at the end of 2017, I owned more than 100k Raiblock. But I quickly sold it when I got some profit. Three months later the price went up to $ 30 per Raiblock and I was really sock when I missed my chance to get rich.