The strongest version
Stocks have earnings. Bonds have coupons. Houses have rent. Bitcoin has nothing underneath it, so any price is arbitrary.
The problem with "intrinsic"
Value is not inside objects; it is assigned by people according to what the object does for them. Gold has no cash flow and has been money for millennia. A dollar bill is paper. The question for any money is not "what is inside it" but "what does it do, and how well".
What bitcoin does
- It is scarce in a way nothing else is: supply fixed and auditable.
- It is useful as money: sendable anywhere, divisible, verifiable, unseizable when self-custodied, uncensorable.
- It has a network: hundreds of millions of users, exchanges in every country, a decade of infrastructure.
- It is secure: more computing power protects it than any system in history.
Those are properties, not promises. People value them, and the price is what that valuation is at the moment.
The honest version
"No cash flow" is true. It means bitcoin cannot be valued like a company, and that valuation models borrowed from stocks will fail. It must be valued like a monetary good: by the size of the market it could capture and the probability it does. That is uncertain, and the uncertainty is why the price moves.