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Visa has value (on top of it's utility) because it is able to take a 1-3% cut of all payments that use the visa network.

Suppose bitcoin gave the equivalent utility as visa but for negligible fees. In this world, you would have the same utility for a lower cost, and the equity value of Visa would conceivably go to zero. My point is that converting utility to value depends on the ability to monetize something. If there was somehow a screw monopoly, I'm guessing the "value" of screws would go way up even with fixed utility. This of course was also true when the cost of producing a screw was much higher in the past. Technology is deflationary.

I don't know what the value of bitcoin should be (nor do I think it has comparable utility to visa), but we are undoubtedly in world where too much value is extracted from financial services relative to the utility that they provide. I think that will be disrupted, but have no idea what, if anything, will be valuable after it is disrupted.

[bb88]

A stock of Visa has value but little utility. A Visa credit card maybe has value on the black market.

But the card itself has no value other than said black market. It has loads of utility though.

Maybe you can use it to scrape off the ice on your car windows in a cold winter day... so that would be maybe a nickel?

Further I can call citibank to get a free replacement visa card. So the value of the credit card seems to be close to zero.