The value of Bitcoin is in the computer protocol, supply and demand.
Bitcoin maximalist will say it’s a store of value like gold.
Given the price rise of Bitcoin since 2009 that’s very true.
All the inflation should have gone to gold and silver. Instead it went to Bitcoin and other cryptos/digital assets.
Yes, BTC is stealing bids from gold and silver. When bitcoin ETFs come on line later this fall Bitcoin will be stealing bids from stocks too.