Bitcoin value.

It isn’t a value creation mechanism. It’s a value storage mechanism.

Now, such storage mechanisms can have value. We can get interest on lending out cash. If it’s a credit card we pay a fee for the proxy of trust it entails.

BTC has created so much ancillary value as a fungible store of value that has its various facilities, that later people are willing to pay earlier people a premium. That value as a store of value, plus the modal value of future anticipated premium accrual (like when I think gold or cash will appreciate), is what it’s worth. It’s worth today what people are willing to pay as an option on it being a consensus store of value later with sufficient affordances that people will pay an access premium.