The simplest way to value Bitcoin

A bitcoin has 100 million sats. At the bare minimum you need 140 sats to send a transaction since the minimum rate is 1 sat/vB. So, 1 btc could theoretically give you 714,285 transactions.

Let's say it's worth paying at least 1 dollar in fees to transact on this revolutionary network. That would make 1 btc worth a maximum of $714,285.

But is 1 transaction on a decentralized, secure, permissionless, immutable blockchain only worth paying 1 dollar for? People routinely pay over 10 dollars for wire transfers which are inferior in many ways. If we assume 1 transaction on the btc network is intrinsically worth $10, then the price of 1 btc should be over 7 million dollars.

The underlying value of bitcoin is that you need it to transact on the network and transacting on this network has real value.