Media actually plays a vital role on why the price of bitcoin is significantly high in the market. With its scarce supply and decentralized nature, people are always speculating that one day, its price may skyrocket given the number of times it already happened in the past. With this in mind, people are willing to purchase bitcoin even though they know little about its actual use and history.
Exactly. I believe it's all based on psychology than anything else. If people are made to believe that something is valuable, it'll be that way for a very long time. Bitcoin, while being an intangible asset, enjoys of a limited supply and unmatched security/reliability unlike no other cryptocurrency in existence today. What gives it value is its decentralized design above all else. Sometimes people compare Bitcoin to traditional Gold because of its store of value properties. A deflationary model will ensure Bitcoin remains valuable for the foreseeable future. That's not possible with inflationary Fiat currencies like the United States Dollar or the Euro.
Nonetheless, Bitcoin will have value as long as it maintains its decentralized and censorship-resistant qualities. If it becomes centralized, then I wouldn't expect it to retain its price on the market for long. It's decentralization which leads people to use it massively in the mainstream world. If Bitcoin remains as it is right now in the future, then it'll always be considered a valuable asset like Gold and other precious metals. Let's hope Bitcoin reaches new all-time highs in price as time goes by. Just my thoughts
