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Why does Bitcoin have value?
Bitcoin asks you to trust a protocol and a network instead of an institution. That's a genuinely different foundation from anything that came before it.
Bitcoin's supply is capped at 21 million coins, and that cap is enforced not by a company or government but by every node on the network independently verifying every transaction against the same public rules. Nobody can quietly print more.
That's the core of its trust model: instead of trusting a central bank to manage a currency responsibly, you're trusting mathematics, cryptography, and a large, decentralised network of participants who all have to agree to change the rules — which in practice makes the rules very hard to change at all.
This is also why Bitcoin behaves so differently from the dollar or gold. It has no issuer to stabilise it, no central bank managing its supply in response to a crisis, and a much shorter track record than gold's several thousand years. Its value reflects how much the market currently trusts that network and its adoption to keep growing.
See it in the data
What supports Bitcoin's value right now, what could change the thesis, and the technical picture underneath.
See Bitcoin's trust profile