As others have pointed out, there are lots of things that are not bonds and therefore have no value when you try to analyze them as bonds. Potatoes, for example

As others have pointed out, there are lots of things that are not bonds and therefore have no value when you try to analyze them as bonds. Potatoes, for example, do not pay interest or return principal, because they are not bonds. If cryptocurrencies were marketed as bonds, it would be reasonable to point out that they do not pay interest or return principal. But no one thinks cryptocurrencies are bonds, just like no one thinks cryptocurrencies are potatoes. Pointing out that cryptocurrencies completely fail at being potatoes due to their lack of starch has about the same value as this article.