I think Greg Foss describes Bitcoin in a compelling way as an insurance to protect against fiat's failure. It is available as a safety net in the event of fiat values collapsing. When viewed this way, there aren't as many alternatives I can think of that would offer the same potential as BTC to hedge against a global fiat erosion. All existing hedges are still part of the traditional system.
This is a more neutral way of viewing BTC and less of a hyper maxi view that it's competing with money. It's simply a possible backup if one ever becomes necessary. As a society, safety nets and urgent alternatives seem warranted in such a volatile macro economy.
Greg works as a credit risk manager and has attempted to provide a valuation to Bitcoin in the context of fiat insurance. With his current risk score and assigned values, he estimates Bitcoin is currently worth $400,000 a coin as a hedge against fiat's global risk.
I can see this being a rationale value proposition. In terms of risk management, it offers something without counterparty risk. Unlike all other traditional fiat hedges.
