It doesn’t. But it does make it a little harder for the SEC from coming in and regulating BTC under a claim of existing regulatory authority.
As for the original question, the “story” behind Bitcoin is a claim that it will be valuable either as digital money or a digital analog to gold. That enough people will agree to act as though it has value for it to actually have value as either a medium of exchange or a store of value over time. If you accept that story, then the “value” of Bitcoin depends a great deal on the degree to which acceptance of it (either as currency or “gold”) spreads further and further into the broader financial sphere - and among retail, “ordinary” people.