Despite its well known classification as a “cryptocurrency,” Bitcoin cannot be a currency because it has intrinsic value. While some would argue against it, the resources spent to issue new units ensure that, unlike fiat currency, Bitcoins cannot be created out of thin air.
This is really a different observation, you cannot call bitcoin as a currency because it has intrinsic value ?. What about fiat currency, the government keeps the value or promises to keep the value or anyone exchanging them will hold the value and that is the same with bitcoin, anyone exchanging them agreeing upon the valuation.