No, this is stupidity. A simple pyramid scheme. The same is true for those empty BTC units that you people send to each other.
You could say the same about the gold. People used gold for 1000's of year for goods and services but they were just pretty looking rocks with no real world value. It wasn't used for electronics, medicine or anything back then. If your logic is correct then an asset with real world value like iron would have been a better currency since it could be used to make armor, weapons, buildings, etc. But it wasn't, gold was the better currency since it was easily identifiable, resistant, and scarce and iron is none those things. Bitcoin is the same way. bitcoin is easily identifiable, resistant and scarce all aspects of gold but with some added bonuses like easy of transfer but also some downfalls like privacy.