I disagree with the assertion that Bitcoin's value is inconsequential, you seem to say that repeatedly, here and elsewhere, as if that point is beyond contention, it isn't.
Are there many cryptos that are totally impractical, unnecessary and even redundant, yup. Bitcoin doesn't fall into that class or criticism.
Practicality:
Bitcoin is practical for the day to day use that most people are interested in using it for. When I send my BTC from wallet to wallet it arrives same day, usually same hour, and although the fees are annoying that is a relatively easy issue to resolve, and so I can stomach it for now. And those fees do not stop me from sending my coins, so yes we can use Bitcoin.
Add to that, credit cards making BTC spendable everywhere add to the functionality and practicality of BTC.
Necessesity:
Bitcoin is not unnecessary, there are many coins that are "currency" coins like BTC, and you might say that means BTC is not a necessary coin, or it is redundant, but I disagree.
Bitcoin is not redundant because although many coins are "currency" coins like BTC, no other coin has as big an audience, as high a level of adoption, as much media attention, as many years of time tested security. Because it is the biggest, it is the oldest, it is the most known, it is many magnitudes of order higher in terms of safety and security, because the threats it has fought, and fends off daily, are many magnitudes of order higher than the closest competitor.
When the bubble pops, as you say, and so many say, the prices of the best coins will again rise. Bubbles popping are part of the evolution of the market. That is natural and necessary. We should not baby investors, regulation in my view is babying investors. My money is mine, not the regulators. If I am an idiot and want to buy crypto despite a risk of "bubble", the government should never be able to say no you cant use your money how you like.
Also the argument that people will never spend BTC while it continues to rise so dramatically is mistaken. The price grows and at some point, the non-greedy, stop and say wow Ive made a lot, I am going to take a little and buy something (if they could). And soon spending crypto will grow in ease and when that happens more and more will buy million dollar pizzas, and they should, its foolish to say dont spend because its going up, at some point it reaches a level of fair return and you should spend, if you feel happy with your return.
I'm not saying there is no value here - just that it is insanely disconnected from price. I think Bitcoin provides an important business solution and is being improved overtime to help provide that solution at scale, so it does have intrinsic value in my opinion. Just not close to what the market thinks it is given the level of euphoria we see currently.
I hear you, I think I just disagree because I place greater importance on what I foresee coming in terms of development.
Having said that, I always appreciate your content, even when I disagree. Thank you for doing it. Sincerely. Blessings.