I have been hearing likes of him utter these words for over half a decade now. You articulated it pretty well. Seriously, what is intrinsic value of anything, without someone needing and demanding it. Though its funny since the dawn of time mankind have assigned intrinsic value to things they needed the least. Take even gold for example. They didnt eat it, they didnt need it to build tools like iron. But they assigned such a high value to it. They made crowns out of it. If something do have real intrinsic value they are things you really may need in life. Rest is all about creating value for other things so you have something to trade for those real needs of the life.
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I completely agree. You explain it very well. I may need to borrow your thought process in the future to explain bitcoin and its value to others. :)