Yes, in essence the market cap dpes it, but theres also a certain amount of crystallized hystery going in, the FOMO of the masses - or in other words, market cap + speed = enhanced value. The enhancement being subject to inflation, rates eventually start to fall once the momentum wears off.
This is why the Dimons of this world are having serious doubts, as there are no producers behind crypto the way the see it - like there's (metal) miners actively destroying the environment, using up as much energy as Ireland, to extract the ore and steel workers turning it into the stuff others make useless gadgets from that eventually end up in a landfill.

They lack the flexibility of mind to ask themselves why Disney is a successful enterprise by creating dreams, only because that question never arose since they were born.
Disney was already there, it worked, like the FED and Allah, and so these things as well as Disney were legit. Sigh.
However they do understand landfills and appreciate the intrinsic value of landfills... so do I, as they well illustrate the human economic circle and how it really works.

Please explain what you mean by "space" - in my thoughts, the real issue seems to be time, or call it psychotime ;)