You misquoted me & may have misread what I wrote above.
I wrote: “intangible value in a hot IPO does not create intrinsic value.”
You wrote the nonsensical version: “intangible value…in a hot IPO…does not create intangible value.”
P.S. Your comment: “But still I’m going to let you alone in your economic thinking” is not helpful & is typical of the type of response received when asking about bitcoin.
OK, let me requote
“intangible value in a hot IPO does not create intangible value” Still does not make sense. with or without the…
How they are different is beyond me.
Sorry it wasn’t helpful. I was trying to leave you alone in your thinking as you clearly don’t seem to understand it. It was a nice way of saying I don’t want to talk nonsense. Sorry I should have been more direct. I will leave you to it. Last response.
Maybe somewhat surprising, but I trade cryptocurrencies on almost a daily basis.
Recent target valuations from highly respected banks and investment firms placed target values for bitcoin at $149,000 and $1,000,000. I believe the higher valuation was issued recently by JP Morgan & the other may have been Bill Williams or BofA–I cannot recall.
P.S. I do not fully understand bitcoin which is why I asked. It seems as though those who claim to understand bitcoin have difficulty explaining its intrinsic value to others. And this is not just directed at your responses.
Likely that “intrinsic” value is not the main point in terms of understanding it. One would have to understand monetary policy, technology, cryptocurrencies and more to get a full grip on it. Trading it has nothing to do with understanding it. And I have seen lots of things written about cryptocurrencies that are completely wrong. Some are even downright silly. People have been writing about it for a long time.
Nearly 50 posts in I’m no further along understanding what makes bitcoins value rise/fall. 
A currency has no intrinsic value. There’s no guarantee that it can be exchanged for a fixed amount of goods or services. A currency’s value is derived from the faith of its holders. A cryptocurrency is the same. How much faith we should have in it, or even whether we should have any faith in it at all, is an open question.
I guess I do not understand why the value of bitcoin is not simply more people hearing about it, wanting it, and buying it…and there is limited supply. Why is it more complicated than that?
My dad called me about 2-3 weeks ago wanting to buy it as he listened to some guy talking about it on Facebook. I told him it was not a great idea…at the time it was $19,000…
This is scary. Most people who bought Bitcoin have no clue what they’re buying. It has all the markings of a financial bubble. That doesn’t mean people can’t make money (or even lots of money as in this case) off of it, but eventually some folks will be left holding the bag as it always happens with bubbles.
I agree it is scary and reminds me of the 90s, but I also think that is why the price of Bitcoin is increasing…lots of folks want in and there is by design, limited supply.