Owning Bitcoin means owning future transactions
Simplest way to look at it: In the future, a user
wants to use the Bitcoin network to notarize a
document. So they want to write a transaction.
The price is the current transaction fee. They
need to buy this fee from a hodler.
Currently, Bitcoins market cap is $658B. And the
average transaction fee is $15. So the market value
of Bitcoin currently equals 44B transactions.
Currently there are about 200K transactions per day.
At this speed, it will take 602 years for the users
to buy all Bitcoins from hodlers.
Store of value
Other stores of value:
Gold: $12.95