Some asset classes trade at values above their intrinsic worth.<p>Gold has value for jewellery and for its properties as a metal in, for example, electronics. However, it also has a status as a store of value (a "safe" one at that) and therefore its current market price is, at least in part, a result of the Tinkerbell effect.<p>It's arguable that cryptocurrencies are similar to gold with respect to the Tinkerbell effect. They undoubtedly have economic value as a de-centralised and trusted ledger of transactions. Whether any individual cryptocurrencies have intrinsic value is a different question. Many people believe that the use of cryptocurrencies will increase over time and so it is rational to buy and hold it because it will increase in value. Actually I think I've just convinced myself that the value of cryptocurrencies is not due to the Tinkerbell effect; it's just plain old speculation.