I have literally have yet to have anyone explain this adequately beyond the level of "there's a market for it, so, obviously people think it's worth something."
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[0]: https://news.bitcoin.com/the-bitcoin-network-now-consumes-7-...
As for why people currently /want/ bitcoin, I assume some people find it a good speculation instrument, some people hope that it will be a more stable store of value than fiat currencies, some people have political reasons for wanting to own some, some technical, etc
What’s to explain beyond what’s there at face value? People “want” bitcoin enough to buy it, other people are willing to sell it...
Now as we move further and further away from BTC (not including significantly different cryptocurrencies - ethereum has other advantages for example) into like dogecoin, which has held value for years, it’s clear that we are getting mostly into pure speculation territory. But from a market perspective, even that territory is fine, just don’t want to be the last one holding the bag...
