Absolutely it’s appreciated. But for literally no reason other than being self propelling.
Here’s where utility comes in though. Take the classic store of value, gold. For one it has scarcity, but it is also needed in much of the technology that we use. Likewise with other precious metals. As long as it has that utility, it’ll be fine. Bitcoin just doesn’t have that.
Also it’s unique in the sense that it is playing judge, jury and executioner. Bitcoin created it’s own utility and is essentially saying “my utility is the fact that Bitcoin can be transferred on the Bitcoin network”. Well, great, but nobody wants to get paid in something that volatile. Not to mention that it is totally unnecessary. All the major financial players are doing research into blockchain so it could be the case that dollars, pound etc will be transferred on blockchain, killing Bitcoins utility.