The piece of paper is more valuable than the hash because more people will accept it as legal tender.
Because I bought a pair of Sennheiser headphones from a local audio equipment selling website and this in bumfuck South Africa we're talking about. I doubt the merchant is even aware they accept Bitcoin as "legal tender" since it happened through PayFast and was completely transparent to them. The point is _I_ could use it as legal tender. So from my point of view it has incredibly amount of value.
Bitcoin is not legal tender anywhere in the world.