You're correct which is why he compares bitcoins to commodities instead of currency and declares it a "purely speculative asset." Note that saying it has no fa

You're correct which is why he compares bitcoins to commodities instead of currency and declares it a "purely speculative asset." Note that saying it has no fair price as a currency by no means implies it's worthless. It's just that its worth is purely speculative like any intangible asset like art, intellectual property (e.g.: patents), wine (or at least "valuable" wine whose cost bears no resemblance to how much it cost to produce). Think of it this way: bitcoin isn't a currency you buy goods with; bitcoin is a commodity you barter with. It's just a far more convenient commodity than chunks of gold or pieces of art.