First, let's consider what Bitcoin isn't. Bitcoin is not a penny stockEven high-risk investments like penny stocks have some intrinsic value. Stocks are valuable because they grant the owner the right to a share of company profits (either through dividends or liquidation). Bonds (and CDs and other similar financial instruments) pay interest. Real estate can be used for commerce or to provide shelter. Bitcoin has none of those uses/attributes. What, then, is Bitcoin's intrinsic value?