There’s no such thing as intrinsic value. Value is always subjective — it exists in the minds of humans. Gold isn’t valuable because of atoms; it’s valuable because people agree it serves purposes: scarcity, durability, aesthetics, conductivity, etc.

Same with Bitcoin. Its “intrinsic value” is the properties it offers — absolute scarcity, decentralization, portability, resistance to seizure. The market decides what those properties are worth.