Intrinsic value refers to the perceived true or fundamental value of an asset based on objective analysis, independent of its current market price. In traditional finance, intrinsic value is calculated using methods like discounted cash flow analysis. In crypto, determining intrinsic value is debated because most cryptocurrencies do not generate cash flows. Proponents argue that network effects, utility, security properties, and scarcity contribute to intrinsic value, while critics claim some crypto assets have no intrinsic value at all.