Mervyn, Are you saying bitcoin doesn't create wealth?
Yes, exactly! Bitcoin doesn't even aim to create wealth. It aims to store and transfer wealth, but because of it's overly simplistic financial properties, it fails to succeed in it's goals. Without a mechanism to keep stable unit value, bitcoin is a gimmick of an currency, that is more of an innovative gambling platform, then a serious financial tool.
Gold has no mechanism to keep it stable either and still is pretty useful for storing wealth. Bitcoin is the same but also is very useful for transferring wealth as well. Once Bitcoin is used widespread then that becomes its own mechanism for stability.