Just because David Yermack says so it doesn't need to be true. And his thoughts are clearly what we know as FUD on the overall industry. Fear, uncertainty and doubt are always present in the normal behavior of humanity when something new is appearing.

It's true that maybe Bitcoin can serve as currency now -mostly because it's scalability issues- but it's true that also now serves as store of value and wealth transfer. Wealth transfer can never been so easy, cheap and secure like it is now because of Bitcoin. You have the certainty that the amount of Bitcoin you send through blockchain will be the amount of legit Bitcoin your counterparty will receive. No double spending neither counterfeit issues. This is the intrinsic value some people deny to see.

The technology itself is what gives value to Bitcoin so it's false it's value it's taken from nowhere. What really fails to meet the criteria as currency is the fiat we're using right now. The biggest scam in history