I think the trouble is that people undervalue what they got for free, since that's what they paid for it... nothing. So when they utilize it or try to sell it, it's nowhere near it's real value and they end up devaluing the product/token/service.

For something to have true value, it has to serve a useful purpose, have increasing demand for it and be costly. When people are willing to spend their resources on something, it sends a signal to people that it's valuable.

Bitcoin is ridiculously expensive, but what is it's utility over any other (much better) cryptos? Perception! People are willing to pay 100's USD for a fraction of this stuff and we've watched it go up and down. People buy based on an unknown future assuming it will moon again. Scarcity and novelty and an speculated future are all bitcoin has going for it.