This is after having a 14 year history of people learning about it, not some scam coin like LUNA that went from zero to 40 billion and to zero in less than 1 year
If I open a bank account and someone else deposits 1 billion there and I have a contract that obliges me to return the money in a year and I am not allowed to move it or use it as a security, is my bank account or the bank creating it „worth“ 1 billion?
Whether bitcoin is worth something as a tool/currency cannot be measured well by the amount of money stored in it.
It may never be, but that’s just to say that “it’s still valued” is not a good argument for “it’s correctly valued.”