To estimate what Bitcoin's "intrinsic value" is, we should look at what can it be used for.
One area in which Bitcoin is heavily used is illicit activities. Current estimation of total market capitalization of global illicit activities is 1600 billion USD.
Bitcoin's final total supply will be 21 million.
Assume that in future all illicit activities will adopt cryptocurrency in operation and Bitcoin will have around 60% cryptocurrency market dominance:
Bitcoin price = 0.6 * 1600 billion / 21 million = $ 45714
But of course Bitcoin will not only be used for illicit activities so the market capitalization will be much higher. $ 45714 is a lower limit of theoretical Bitcoin's intrinsic value.
