First some short explanation, and then the questions.

If I bought stocks, bonds or fiat currencies I hold securities by which those who put them on the market, have the liability to me. Stocks are put on the market by companies. Bonds by corporations and governments. Fiat currencies by banking system and borrowers. By putting their securities on the market, the said entities essentially borrowed capital from the market, which is why they have the liability to return it back. This happens when they withdraw securities from the market. So if I am a market participant holding their securities, the capital is returned to me when companies buyback stocks or liquidate the business, when corporations or governments pay me bond's face value, and when the banking system and borrowers sell me the seized collaterals or goods, services or labour to get currency units for liquidating the issued loans. Numbers in this case only represent the amount of capital a security issuer borrowed and has the liability to return.

Bitcoin on the other hand, is not a security. Its issuer/issuers have no liability to withdraw bitcoins from the market, and in the process, return the capital to bitcoin holders. So if I hold bitcoin, I basically hold number for being number. I hold a product similar to gold, a picture, wheat or crude oil. People buy these products for what they are, for their intrinsic value. And unlike with securities, once people bought them, no entity has the liability to buy them back in the future. So, the only way people can benefit from them is by utilizing their intrinsic value. But, here a crucial problem arises regarding bitcoin.

Gold I can utilize for jewelry, electronics, dentistry and so on, a picture for pleasing my aesthetic senses, wheat for making all sorts of foods, crude oil for manufacturing everything from plastic to petroleum. Besides, a single unit of these products is pretty cheap. However, in the case of bitcoin the only way I can utilize it is by watching it. That's all. Once I buy bitcoin, my wallet application reads a number from the blockchain, and shows it on the screen of my mobile phone. And all I can do, is to watch that number. To watch it like a picture is watched. When I sell bitcoin to other people, the new holders can also just watch a number on the screen. So, essentially no human being on Earth is capable to do anything after purchasing bitcoin, but to watch a number. Obviously, watching a number is not as aesthetically pleasing as watching a picture of a beautiful girl or a sunset.

And now the questions: if I can purchase a picture of a sunset for a couple of bucks on Shutterstock and watch something aesthetically rich, why on Earth would I purchase number "1" for $37,000 and watch something aesthetically poor? Why would I pay so much money for a single unit of a product that in comparation to gold, a sunset picture, wheat or crude oil has so low utilization capacity?