The value is in the network itself. Lots of people think that its the digital tokens or coins that have value, but its the system as a whole.
The value is also in the “need”. Corporate treasuries need a way to store wealth that doesn't inflate over time, gold inflates 2% per year, bitcoin 0% - so it fills an institutional need
Does Bitcoin still fit this need with the volatility Bitcoin sees? Do corporations really want to put their stored value it something so unpredictable?
Whats been shown is that if you hold bitcoin for 4 years or longer the investment has performed very well and significantly outperformed the S&P. Companies buying billions worth of bitcoin are thinking strategically about it, they arent retail investors who panic sell after a few months
The value is also in the “need”. Corporate treasuries need a way to store wealth that doesn't inflate over time, gold inflates 2% per year, bitcoin 0% - so it fills an institutional need