You do not value a hundred dollar bill by the cost of its production, but by the confidence you have in your ability to purchase with it in the future. The future is unknown, but we do know that the algorithm of Bitcoin prevents its value from being inflated away for the political convenience of those responsible for managing its value. We also know, that from a economic strategy viewpoint inflating away the debt is the most sensible. You cannot value a cryptocurrency on its production costs, value lies in the algorithm.