As somebody who has read Benjamin Graham's (his professor) books I totally understand the point he comes from.
Bitcoin has a price, but it has no value.
It ins't irreplaceable, it isn't unique, it has no assets, just the consensus around its price which can change any day.
I really wonder how people can truly disagree with the fact that Bitcoin has no "value". Value is an intrinsic property of something. Stocks represent a portion of a business, assets, cash flow, market share, real estate, patents, ecc. Currencies do not represent any of that, not just crypto currencies.
Are shares issued by a company unique? Are they irreplaceable? If not do they have value?
Many people see value in things that aren't recognized globally, but traded in small communities, groups of enthusiasts. And those groups can make these things worth a lot of money. For instance stamps, postcards, the market of collectible is more vast than that of cryptocurrencies. What i'm trying to say is that it's not the issuer that makes the item valuable, it's the collector, the buyer, the trader, in other words the community.