Bitcoin, in contrast, does have an intrinsic cost for the creation of each coin, which is presumably captured in the coin’s value.

Price is what you pay. Value is what you get. Value has nothing at all to do with cost. I could certainly spend a ton of money making something useless. I could price it at 1.66 times my cost, but it wouldn't be worth anything. Bitcoin's value comes from what it can do, not from what it cost to make.

If what a Bitcoin can do is worth less than what a bitcoin costs - as I believe is the case - people will eventually stop making them, and the blockchain will collapse.

And, no, you can't just decide that, because Bitcoin's utility doesn't justify its cost, you can look at some other basis for valuing it. Value comes from utility and nothing else. If there is no utility, the value is zero. What speculators pay isn't value; it's price.