The Stock to Flow model for Bitcoin suggests that Bitcoin price is driven by scarcity over time.
Bitcoin is the first scarce digital object the world has ever seen. It is scarce like silver & gold , and can be sent over the internet, radio, satellite etc. Bitcoin includes a mathematical mechanism to restrict its supply over time making it more rare as time goes on. Digital Scarcity.
In 2017 BTC exceeded the market capitalization of Silver . After the next halving in 2024, Bitcoin will become the hardest asset the world has ever seen, rarer than Gold .
There is only enough Bitcoin in the world for each person to own .0023 BTC . Because of this, Bitcoin's value should continue to rise over time.