>If we look at bitcoin for what it is (the technology and theory behind it), it hasn't lost any real value.

The question should be: Does it have any value in the first place? It is essentially a really cool monopoly money system. Bitcoin is taking pokemon cards.

A bitcoin is essentially a fancy cell on a very secure distributed excel file. Great, but that doesn't mean it will be currency.

>underlying value do not rely on public opinion

Oh very much so. A bitcoin's value is 100% based on what the public values it at.