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You seem to be working on the basis that something has to be tangible to have value, or that currency used as a means of exchange has to be fiat.But if I run my computer for hours and hours, it just wastes electricity, it does not create wealth …….. if anything it destroys wealth as it uses up resources without any output
If I run a machine to dig for coal or minerals …… the value I get from what I mine is greater than the cost of mining it, hopefully, so value has been added
I reckon that it is popular only because it can be used as a medium of exchange for what would otherwise be illegal transactions ….. so one day the circle will have to stop
But I do not know much about economics and these guys who are making money from it are far clever than I will ever be …. as was Ponzi until he got caught
Information is not tangible, but can have value. Anything can be used as a means of exchange if enough people agree it has value. Governments would like us to use fiat currency, because it allows them control of the supply and consequently to set monetary policy.