It's the first in a new asset class that provides things that never existed before, mainly being the ability to quickly transact value over great geographic distances and national borders with zero interference from third parties. The value of that is extremely underestimated by most people, and shouldn't be so hard to grasp. Analogous examples are the Internet and Google, which provided very straightforward and simple value propositions that most people did not get, could not predict, and decried until they actually grew to enormous and important positions in society. Cryptocurrency is very possibly in the same vein, making valuations like this seem less absurd.

I wish I had the time and motivation to go back over the last 6 years and create a timeline of people making the same tired statements as yourself. The same types of statements were made when it hit 10 dollars.