5. BTC has value only in it's "potential" - which creates real transient value because people want it - but that only runs until is potential declines. It's a fad. Like any pump and dump, the profit is in the sales.
"value" is not "price".. dont confuse the two
value sits below the market price and is set by the most efficient acquisition cost on the planet. which would be the best mining cost on the planet
bitcoin does have real value, UNLIKE POS COINS
PoS coins are 99.99% speculative and their market price is held up by manipulation. take ethereum market. and notice its price is 99% speculating by just copying bitcoins movements. where over last couple years of being PoS has moved from a 12eth:1btc to todays 19eth:1btc so ethereum is losing market speculation peg to bitcoin, but still doesnt have its own independent market demand. if it had its own independent market demand ethereums market price would not look anything like the wiggles of bitcoin
ethereum varied more pre may 2021 but since may 2021 it literally just lost its independence and pegged to copy bitcoin from 12eth:1btc and slowly lost demand to now be at 19eth:1btc but when not losing its peg it copies bitcoin
ethereums actual cost of cheapest acquisition is in its PoS minting. which is calculated at about $75/coin($150/block based on 1.12m validators*)
so ethereums price is still speculating too high at a price 30x above value
where as bitcoins best acquisition cost is about $25k so bitcoin is sitting at a healthy price 1.76x above value
*the number of coins minted per block has flatlined/declined due to its protocol of burning coin as fee, but technically new coins are 2 per block