I think it's pretty obvious that all value is subjective so I do find it pretty yawn-worthy when he goes on about  "intrinsic value", nor do any of his other arguments against crypto-currencies pass the smell test.

However I don't believe his investment strategies are the sole reason for his animosity toward BTC. A lot of it probably has to do with generational differences. People who didn't grow up with the internet live in a different world than those who did. To me, crpytos are the logical next step and it's easy to envision the possibilities. But all he sees is something he doesn't really understand and probably feels he has no hope of ever understanding.