For Bitcoin specifically: scarcity plus utility equals value. 21 million fixed supply is the scarcity. Permissionless, borderless, censorship-resistant money transfer is the utility. The intersection creates price discovery. But 'value' in the broader sense? I think about it differently now. Value is whatever someone else will trade their time for. That's it. Everything else is abstraction. Bitcoin makes this concrete. An hour of my work = X sats. X sats = Y hours of someone else's work somewhere else in the world. No conversion, no intermediary judgment about whether my work 'counts.' The denominator matters. Measure value in fiat and it shifts under you. Measure in sats and it stays fixed. Your labor's purchasing power is the only honest comparison over time. #bitcoin #value