Well, value is human concept. Things are valuable if people are willing to give up other valueable things for them. The fact that people parted with hard-earned cash to watch John Wick 3 but not Hellboy doesn't have anything to do with fundamentals or cash flows, human opinion is the only thing relevant.
It's also not really created out of nothing. A lot of real work goes into making bitcoin a thing. Electricity isn't made by magic.
On top of that people seem to forget that market caps aren't real. Just because no holder of X is willing to sell for less than Y, and nobody is willing to buy X for more than Z does not mean all X is worth Y each or Z each or anything in between. The real value of all Z is impossible to know but probably less than Z each.
It's also not really created out of nothing. A lot of real work goes into making bitcoin a thing. Electricity isn't made by magic.
On top of that people seem to forget that market caps aren't real. Just because no holder of X is willing to sell for less than Y, and nobody is willing to buy X for more than Z does not mean all X is worth Y each or Z each or anything in between. The real value of all Z is impossible to know but probably less than Z each.