Bitcoin is valuable because it backed big crypto community. We give value to bitcoins. Value depend on demand and uses. If people want to down bitcoins it will go down for sure. Value is depend on how people thinking it's value.
You are right, I agree with you. Value depends on how people think it is value. However, the exclusively speculative value and the value of a useful exchange are completely different things. And in order for Bitcoin to have the value of a useful exchange, you need to have a very wide payment practice. The widespread practice of payments is a privilege of the government and supranational regulators of the global economy. That's all.