If you remove all the blockchain mumbo jumbo and asked "what is bitcoin" from an asset perspective, it's a way to monetize un-sellable energy. It's a way to monetize usage of electrical resistors. There's more to it than that of course, but that's its economic/cost basis.

There is only one asset in the universe: Energy. Trust me, I'm a physicist. Any provable measurement of energy consumption is itself, another asset. Cryptography and PoW are a unique and fascinating way to prove energy consumption, with strong ties to real world assets.

As opposed to some competing blockchain assets for which you can't clearly identify any real-world cost basis for the asset. (e.g. all Proof-of-Stake ideas) Everything must have a cost basis or it's fraudulent "money printing" and should be discarded.

Note PoS'ers will reference an interest rate for staking as their cost basis. A "cost basis" which is self-referential -- your cost basis is denominated in the staked asset, is a circular argument. Circular arguments are wrong and must be logically discarded with prejudice.