It is based on nothing, not even thin air.
At its inception, it was worth nothing.
Then, gullible people started thinking they would get something for nothing.
Smart, ruthless professional investors caught on and started investing and divesting in planned rhythmic cycles so as to ride the price up and sell at the right time, causing the price to fall so they could buy back at a lower price and ride the wave back up again.
As a result, the price has risen as high as $126,000 on October 6, 2025, and is currently at $93,428.
It can rise or fall $10-20K on any given day. Most people cannot afford to take that gamble, but the pros make big money off those who do participate. Big players like Blackrock (and I'm not saying they actually trade Bitcoin, I said "like") can afford to buy and sell Bitcoin by the thousands or even millions, so it is intuitively obvious that they can control the market and win. Everyone else is just along for the ride.
At the heart of it all, Bitcoin is borderline immoral because some people became wealthy by putting their faith in nothing while the unlucky ones sustained unaffordable losses, all based on nothing.
Bitcoin is not the same as stocks, the value of which are based on enterprises which actually contribute to the economy, make valuable products, provide jobs, and pay dividends and/or re-invest profits for future gains. Sure, some high flyers go bust, but their demise is often the result of fraud (e.g., Enron). IBM, GM, AT&T and GE are still around and paying dividends after more than 100 years.
Bitcoin is not the same as real estate, obviously.
Bitcoin is not the same as currency. Yes, the real value of currency can fluctuate depending on international and local trade, domestic monetary policy, supply, and politics, but it still buys cars, homes, clothes and groceries.
And, Bitcoin is not the same as precious metals, which not only have inexplicable intrinsic value, but are also useful in manufacturing and commerce. The history of civilization is laced with man's lust for gold which translates to power, and women's addiction to jewelry 
. Gold has never been worth $0.
I foresee Bitcoin crashing down to $0 some day as investors finally panic and realize Bitcoin is an imaginary entity based on absolutely nothing, with zero intrinsic value, and far more worthless than a vacuum in space.
YMMV
Bitcoin Daily to 5-Year Price History Chart
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