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 ?
Good question! The answer might be different for different people, depending on their perspective. For me, I believe Bitcoin as a self-bootstrapped cryptocurrency network was established through altruism, then grew from there. Then, Network --> Scarcity --> Price --> Network?