It becomes a capital good at that point, with a future based value. Marketing is required for any products value to be realized, but that doesn’t remove it’s fundamental value.

If nobody knew what gold was, a scientist would still be able to tell me that metals which have conductive properties can be used to wire my house for electricity. Gold has that property, and is therefore useful. People need to know (explicitly or intuitively) that gold has this (or some other) useful property for it’s price to go up. And then we can get into scarcity, substitutes, markets, monetary theory etc. to explain the current price.

If nobody knew what proof of work was, an economist would still be able to tell me that in signaling economics, taking on an otherwise unnecessary cost in order to communicate with someone is likely to get that person’s attention, and the more exclusive that cost is, the better. Bitcoin (or any other proof of work based coin) has that property, and is therefore useful. People need to know (explicitly or intuitively) that Bitcoin has this (or some other) useful property for it’s price to go up. And then we can get into scarcity, substitutes, markets, monetary theory etc. to explain the current price.

Software Engineer @Go figure it out if you want to

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