Interesting point Varun. But your argument can get very philosophical. Following your logic, equities and real estate ends up being the same thing as paintings or gold. To explain: equities are desirable because it produces cash flows. Why is cash flow valuable? Because people accept it to trade goods and services. Why are goods and services desirable? Because it is desirable for its own sake. Just like gold or paintings.

In other words, valuing Starbucks stock at $X is just one layer removed from valuing what utility people get from drinking Starbucks coffee. Just as gold or paintings get value from what utility people get from earrings or hanging it in their house.

In this sense, everything is the same in that it comes down to demand and supply. Given this fact, the relevant question is: what is the best existing asset class comparable to Bitcoin that we can use to help value it? And my answer, given that I do not believe Bitcoin will achieve mainstream transactional use with developments I see so far (and despite lightning network), is ‘rare art’.