We've heard it so many times that Bitcoin and all cryptocurrencies do not have any intrinsic value, this statement is made simply due to the fact that crypto isn't government regulated but functions via community consensus and also because crypto is a highly volatile asset class.
It is weird but if you look deeper on the topic of regulation, you'd figure that nothing is regulated because the government wants to protect the citizens, the reality is that these people don't give a shit whether you get rekt or not, the idea of regulating all structures set up within a country simply benefits the government as though they effectively have control over it and will likewise receive incomes from these structures.
So when the government speaks on bitcoin, it sees how valuable it is, and how much of it is being created into the system but it is unsure how to pin this under their control where they can maximize it for their pockets. It really has so little to do with the citizens' risks or "intrinsic value" as often described but more about the fact that the value creation and distribution process cannot be utterly centralized.
Is any of this a good determinant of what should be considered "valuable?" of course not, all fiat in circulation aren't even valuable in the first place but due to the highly engineered lies within the governing policies of these nations, fiat has been dressed to seem like a largely valuable tool in the economy but the truth is, fiat is by design a tool that sucks as much value from the system, so far the only unit of account owed back to the central banks.
That said, with bitcoin, we see something different, BTC isn't owed back to anyone, BTC by design is a product of "work" not " debt". Each bitcoin in circulation only made it to the system via mining, a value process that not only mints more bitcoins but also keeps the network secured.
Looking at it closely, crypto and fiat are so largely different because as with bitcoin, there's a whole system set up to determine how coins should be minted into circulation. This system ensures that each bitcoin is valued equally because each had to undergo the same process, yes, overtime, the cost of mining may have changed and has been more expensive sometimes than the other, but it doesn't change the fact that it all runs on the same algorithms, thus, internally, it is still the same, external, cost may vary with many things.
That said, with fiat, there are zero productions, zero work done to back these printed currencies so they effectively become a "debt" owed back to who? The freaking central banks who do nothing other than give you garbage talks here and there. Bitcoin has proven that money can initially be created with value backing it, because in the past, gold was attempted at backing money but due to the scarcity of gold, it wasn't widely ineffective. With bitcoin tho, the total supply may seem limited but under the number 1 are a million more and that effectively makes bitcoin more flexible than many would imagine and really just hints at how valuable bitcoin may become and we'd have to start counting in satoshi instead of BTC.