Very true. Keep in mind that could also be said of gold though. Yes gold has some industrial use, but if it was priced strictly for its industrial and jewelry uses, it would be priced far lower than $1200. Things have value because people believe they do, bitcoin being no different. I would venture to say a lot of the money in bitcoin is not in it because it believes bitcoin will some day be the defacto currency of the world. No, I think most of the money in it see bitcoin as a store of value. One where the supply is fixed and known with no ability by governments to intervene. There are not many potential store of values that share those same characteristics out there.