We can argue that what is giving value to Bitcoin isn't only its properties as a scarce p2p e-cash system.

The network is actually extremely valuable by itself, as an immutable time-dependent database.

"Imagine SQL under firewall operating as a new kind of internet."
A network applied to transact instantly with anyone, anywhere and without middlemen.

Then the question coming next is the one of the chicken and egg:

Is it Scarcity --> Network --> Price ?

Or Scarcity --> Price --> Network ?