For the same reasons anything else has value.... Because us the consumers give it value. There is an old saying, " something is worth as much as someone else is willing to pay for it. ". And that applies to the blockchain as well. The demand for it creates its value.
Plus people tend to dislike governments / the big bad banks and that helps with it success as well.
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This is all nice and sweet but does not explain how the value is being created. the fact that people pay for it is obvious due to its price.
I am not sure how that equals to nice and sweet but people pay for it because of demand not because of price. Price is based on how much demand there is for a certain product or item. And we the consumers decided the demand. So the value comes from us the consumer.
If price was the reason we bought things then very few would have bought bitcoin when it was $20,000 + each.
This is all nice and sweet but does not explain how the value is being created. the fact that people pay for it is obvious due to its price.