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Liquid value that's easily transferred has utility on its own.

It's not a genuine argument to claim that "bitcoin isn't used for anything".

That's the value of the Bitcoin system, not of a single Bitcoin. Gold can provide utility by itself, for example, you can make jewelry from it.

Do you think the value of Facebook stock is in the tangible worth of their building, or IP?

For the vast majority of people Bitcoin in its current form provides a worse user experience than PayPal, VISA, etc.. because the fees are a lot higher and the transaction times are longer.

If you want to buy $1.5 billion worth of Bitcoin the $5-$50 transaction fee doesn't matter. For the majority of people it matters though.

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