[oleganza]

There is no intrinsic value in gold either. In fact, all value is subjective and individual. If for you the gold may have technological value, it may not have such value for me. But it may have exchange value for me because you or other people demand gold for their own subjective reasons. And yes, technological value is still subjective because there is no objective measure why you should be involved in that particular technology requiring that much of gold. It all depends on your own decision (which may take in account equally subjective valuations of your customers who demand products of your technology).

Gold may have started being used as money because it was already demanded for, say, jewellery. Bitcoin may have started for "fun" or belief in future growth and even bigger demand. The truth is in both cases the initial value was purely subjective.