I think it’s tough to assign value like this. People argued that the internet had no real value for basically all of the late 90s.

My accountant was saying in 1998 he never bought stock but this eternal new money machine he could not miss out on. I made a shitload those days because I invest but am a huge stoploss fan; I did not advise him anything but he lost a few 100k and only recently recovered. The internet was a good idea though (he sold the shares though at about the lowest point so recovered is not from shares). As were tulip bulbs were but just not at that price. So who knows this will stabilize at $2/btc in 20 years and it will be normal. In the meanwhile, I buy and set stoploss and invest long sure bets, like msft in, well msft and such. But those have stoploss as well as this will all crash. The real question is: which assets will crash to $0 and which don't. As the latter you can just hold and you get your money back eventually. I had oracle (forgive me) and msft as cases of the latter in the 2000 crash and Borland/inprise as cases of the former. I had stoploss high on inprise and low on the others and made bizarre profits on inprise and higher but more long term profits on the others. If you ask me, these 'look over periods of 20-30 years' are smart with some assets and basically, imho, insane with others and I believe inprise and btc belong in the latter category. Stoploss (and you just adjust it UP over time) will save your hide. Noone listens though as it is not 'what real traders do'. Good luck with that.

People keep repeating this but bitcoin is well over a decade old now. And it still has no value other than, well, "value". That first day you got internet in, say, 1997, you were in touch with people far away and could look all kinds of shit up and make webpages and pull godwins on usenet and download winzip from tucows and it was amazing.

I think your only argument holds, slightly, if by "real value" you mean "money".