Nothing of of intrinsic value.
It is all psychological.
That’s why I mentioned equities. Don’t compare crypto to dollars, compare them to other investments that do have intrinsic value.
That said the dollar is much better than currencies, it hasn’t inflated and deflated like the crypto market cap has. Crypto market cap was 834 billion 1-2018, it deflated to 110 billion in one year. That’s an 87% drop in one year. Then in two years (5-11-2021) in inflated to 2.558 trillion. From 5-11-2021 to now it deflated by trillion dollars to 1.588 trillion. That’s a 39% drop in less than two weeks.
That dollar has NEVER done that.