Fundamentally, bitcoin is not a currency, notit scalable means of payment, and it is not a stable store of value. If you ask Does Bitcoin have real value? I would answer Bitcoin fundamental value is ZERO.
Then the question arises again What exactly makes traders and investors believe Bitcoin has value? Here we need to explore and compare the nature of Bitcoin (crypto asset) with assets that are considered similar, such as gold and fiat currencies.

GOLD.
Gold has intrinsic value and can be used as a store of value so that the whole world accept gold as an investment asset. When someone buys gold, he understands very well that anyone will recognize and accept gold, because what he buys is a metal that has value.

FIAT CURRENCIES
Basically, fiat currencies like Bitcoin (crypto asset) has no intrinsic value. However, paper currency is believed to be a legal tender and a store of value because its existence is recognized by the state. So it's the country that makes paper currency worth it.

Conclusion from my post:
which determines whether or not there is value in the medium of exchange, not in the object being exchanged. The position of Bitcoin (crypto asset) is one level below fiat currencies, Let alone have intrinsic value, physical form alone does not exist. Bitcoin only has a digital form, recorded, and difficult to manipulate due to advanced blockchain technology.