Yes, the market value. Some economists say that gold is also a bubble, but it's a 5,000-year-old bubble. I would say that Bitcoin has value because people see utility in the network. It is secure, easy to transact, and fungible, and you can separate every subunit of Bitcoin to the hundred-millionth of a unit. In every aspect it's a really good currency, but it's not a currency by definition.
You mentioned gold. I think the similarities with gold are really close, but I would say that the intrinsic value from Bitcoin really comes from the market that values it. I think it's a catch-22 to analyze Bitcoin with traditional financial paradigms.