I really don't think he understands the concept. The main positives are the low cost transaction fees and borderless transactions this is what it gives inherent value with security and privacy. This is like saying email has no value because we have the postal service.
I think you are right, he likely does not understand the concept of bitcoin. He has never really understood technology companies, nor has he invested in them.
From what I can tell him tends to only invest in industries that are very well established and are unlikely to go away anytime soon (or ever). Neither bitcoin nor technology is going to meet this criteria