[monokh]

Bitcoin doesn't appreciate on news. It's not a company and it doesn't necessarily have a product that is being constantly worked on. There is the odd software upgrade every few years but the core function never changes.

The value to which people are bidding is primarily 2 things.

1. Tolerance to threats, social or technological. This reduces with time.

2. Its increase in demand (yes, a lot of speculation) relative to the constant reduction of supply. I.e. scarcity.