> That’s true, but so is the value of a dollar, a Picasso, or a bar of gold. <
At least with a Picasso you can decorate your living room. And you can make some pretty nice jewelry with a bar of gold. The same goes with a bag of beans or a box of bullets. Those things have real-life value.
But yeah, a dollar bill and a bitcoin are pretty much hollow. They are only worth (as you said) what the next guy is willing to exchange for it.
You can wipe your rear end with a dollar bill. Try doing that with a bitcoin...