It is not theoretical that bitcoin holds value, that is a fact. That it shouldn't, or won't at some point in the future is the theory.
Reality does not yield to arguments of the contrary.
Reality does not yield to arguments of the contrary.
Your examples contradict your first point.
Tulips have value today, a lot less than the bubble. Sacramento real estate has lots of value today. Pets.com was worth something even when it went bankrupt, even as little as it might have been.
$4.3 billion isn't a very big bubble besides. Not even a drop in the ocean of global currencies.