In a long and closely reasoned article, McGill University’s Reuven Brenner sees one possible redeeming aspect to BitCoins.
More important perhaps, Bitcoin’s mere existence may draw attention to the fact that its birth is due to the utter mismanagement of monetary and fiscal and regulatory affairs around the world, and thus may speed up the search for lasting solutions and re-establishing trust.
Follow the link for the full discussion. Summary cannot do it justice, especially as no one really understands how bitcoins work. Nevertheless, like any other fiat currency, bitcoins have value because (some) persons believe bitcoins have value.
*With apologies to The Shadow.