For something to be a value, the reason(s) must be real. Let’s use the US dollar as an example of something that has a real value. The US is a society where producers specialize and trade their products with one another to get what they need to survive. The US government requires traders to give them US dollars whenever a trade occurs (i.e., taxes). This requirement is forced at the point of a gun. The US dollar is, at its core, a type of ticket that you must give to the government to allow you to live. That makes the US dollar valuable to your life.
While it’s true that the US government can dilute the purchasing power of the US dollar, that doesn’t mean that it has no real value right now. A potential is not the same thing as an actual. As of now, the US government still exists, the massive capital infrastructure under its jurisdiction still exists, and its ability to tax trades between organizations or people who use this capital infrastructure is still strong. This is the basis for the US dollar’s real value.
Bitcoin has no such basis or any other basis. Without a valid basis to justify why Bitcoin has real value, the proper default position to take is to assume that Bitcoin has no real value.
The US dollar is not adherent to the gold standard anymore. There is no value to USD other than the U.S. government willing to support its usage. You can only trust USD as much as you can trust the U.S. government, which is to say very little.
Bitcoin is supported by the free market, so it isn't actually any different from USD in your example. The U.S. government is already diluted the value over 90 percent since the creation of the federal reserve some number of decades ago. If value is siphoned off so quickly with a guaranteed decrease in purchasing power yearly due to inflation, how could you articulate that USD has real value while Bitcoin doesn't?
If I can go into the market and trade my Bitcoin for goods and services, it has value.