It's a common myth. Bitcoin’s price is not directly caused by subjective perceptions: It is a result of the market, based on supply and demand. Perceptions are one factor in the “demand” side of that. There are other factors to demand; and perceptions do not alter supply.
Ultimately, Bitcoin’s fundamental value derives from its facilitation of productive economic activity, which would be costlier, infeasible, or impossible without Bitcoin. I know that I have done productive non-Bitcoin, non-market business with Bitcoin, which I could not have done without Bitcoin. That’s not extraordinary: It is being an ordinary Bitcoiner who uses Bitcoin as money, rather than a purely speculative buyer who just wants “number go up”. The more such people they are, the higher the organic, non-speculative demand for BTC.
i'm not saying bitcoin doesn't do that. but bitcoin has weaknesses. you can't deny that.
the main weakness being that it is not backed up by something like gold. gold could then be used to measure the value of bitcoin. and gold has real world use. people wear it. it gets used in all kinds of electronics. bitcoin doesn't get used anywhere for any purpose. it's just imaginary.
It's not backed by "something", but it is really useful in the Dark Markets to buy Heroine from Mr. Drug Dealer. It's very useful to go around a government's oppressive policies, like capital controls imposed on Chinese citizens. Did you know that only $50,000 is allowed to be sent per year outside of China per person? Bitcoin can break down political strongholds ser. It has a bigger role to play than Gold, and we don't know what it really is yet. The cat is out of the bag though.