BTC does actually have a baseline value: the cost of the electricity spent to mine it.
Of course, whether that value is $1 or $1000 depends on the number of people who believe in the currency enough to pay for the power to mine it.
Of course, whether that value is $1 or $1000 depends on the number of people who believe in the currency enough to pay for the power to mine it.
Gold is a bit different since it has some baseline value from practical uses, but the store of value use case dominates those.