The only thing I can observe (and I'll take other suggestions) of crypto's "value construct" is the belief that past performance is a reflection of future performance.

In the investing world, unless you can say with some credibility that the thing that is being invested in has value in the form of a good or a service that can be translated into a need being satisfied. And hopefully at scale.

The only needs that crypto seems to satisfy are FOMO, greed, luck, attention, etc. And maybe community. Oh, and the core ideology (aka belief) that "decentralization" is an inherent good.