BTC doesn't have intrinsic value in the traditional sense. We need to get past this.

Bitcoin in and of itself can't be transformed into physical. It's not a commodity and it's not a company. Arguing with Goombas that BTC has intrinic value because it's a protocol is silly as well. The whole TCP/IP comparison is useful to better understand BTC, but isn't a strong argument as to why 1 BTC is worth 40k.

The best argument is that BTC isn't beholden to traditional valuations. Measuring what the value of BTC is is more akin to asking the question what is the value of the English language? English has value because it is widely used by people to communicate. People write books in english, use it for business, road signs, etc. Bitcoin is like a language that allows people to communicate instantaneously and transparently without the ability to lie.

Similar to learning English, it takes energy to acquire BTC. We as a society are using our energy (e.g. mining) to learn the language of BTC. If you're not mining, you are sublimating your via fiat to acquire BTC.

So the real question is, why would anyone switch to BTC? That is going to come down to a question of societal and individual values. People would value BTC because it protects your life energy from being corrupted by centralized forces, most simply.

Imagine if there were a central authority who controlled the English language. They could create new words at will which would degrade the quality of your speech. Instead of taking 5 minutes to talk to someone about the weather, it would now take 10 minutes, for instance. Now imagine there is a new language which can't be corrupted in that manner. Would it be worth it to learn it to protect your speech?

I know this is a little bit of ramble, but the widespread bearish sentiment circulating the internet has led me to reflect more on my reasoning for believing in Bitcoin.