Your analysis is missing a key component that is integral to Bitcoin's "intrinsic value." Bitcoin the currency/token is inseparable from Bitcoin the payment network. A key component of its "intrinsic value" is the payment network, so go ahead and ask yourself - "what is a borderless, decentralized, global payment network that allows for the transfer of value without an intermediary worth?" Dividing that by the number of BTC in circulation will be part of Bitcoin's intrinsic value.