Bitcoin has value because bitcoin can also do what money can do. It can use as a form of payment where people find it useful in terms of buying or selling. Its value can be determined depends on how many people are willing to accept it as payment, the more people adopt it, the more its value will increase.
Well, I really cannot deny that the value of bitcoin is created by its features and usefulness, it offers a new form of investment and currency, and so it deserves a certain value but perhaps, we as users use bitcoin to invest, we want more, hopefully bitcoin will grow faster in value, instead of forcing bitcoin to stay within a value limit, we automatically generate the value we want. It has been a successful thing so far, the price of bitcoin increased rapidly and without any barriers, the government did not participate in the process, that's one thing that makes bitcoin's high value