[ch4ch4]

BTC does actually have a baseline value: the cost of the electricity spent to mine it.

Of course, whether that value is $1 or $1000 depends on the number of people who believe in the currency enough to pay for the power to mine it.

[marcell]

That's not a baseline value, that's a baseline cost. It costs money to mine a bitcoin, but that doesn't mean anyone will want to buy it.

Gold is a bit different since it has some baseline value from practical uses, but the store of value use case dominates those.

[eru]

And the baseline cost of bitcoin even goes down, when nobody's mining.