[ejoso]

Uh… So the argument here is that anticipated future value == meaningful value today?

The whole cryptocurrency world requires evangelical buy-in. But there is no directly created functional value other than a historic record of transactions and hypothetical decentralization. It doesn’t directly create value. It’s a store of it - again, assuming enough people continue to buy into the narrative so that it doesn’t dramatically deflate when you need to recover your assets. States and other investors are helping make stability happen to maintain it as a value store, but you require the story propagating to achieve those ends.