Bitcoin as being more successful as a gold-like store of value than as a day-to-day currency. Gold is typically assigned some value because of some properties, which are fungibility, authenticity, scarcity, divisibility, durability and transferability. I’m not mentioning its utility for jewellery of electronics because these only account for about $10 of gold’s value.

People value Bitcoin because it supposedly reproduces all of these values, in some cases out-performing gold and in others perhaps not doing as well.