Why does society value Bitcoin? Like gold, Bitcoin is an anti-inflationary asset with three characteristics:
1. People value Bitcoin.
2. There's only so much of it (supply capped at 21 million Bitcoin).
3. Bitcoin is usually priced in U.S. dollars, a fiat currency.
The U.S. government and Federal Reserve have continually added dollars to the economy for decades. Inflation occurs when dollars increase faster than the value of goods and services. That's why the same house costs more now than it did 30 years ago.
That's not to say that Bitcoin has infinite value, but it's still tiny in the grand scheme of things. The world's gold supply is worth an estimated $17.9 trillion today. Society doesn't value Bitcoin as broadly as gold, but it's gradually gaining traction. If that continues, along with these decades-long inflationary trends, perhaps Bitcoin's value can still increase significantly over the long term. Some believe one Bitcoin might be worth over 10 times its current price by 2030! Of course, only time will tell, and nobody knows for sure.