Yes and similarly, Bitcoin is treated by the government as a commodity or property, priced in dollars. So what's your point? What the hell is 'intrinsic value' anyhow? ***intrinsic*** - a: belonging to the essential nature or constitution of a thing Don't try to baffle me with bullshit financial buzzwords. All that means to me is that people agree it is worth something as a means of trade, i.e. it's a form of money. While Bitcoin is a virtual product, its "intrinsic value" is derived from the use of computing power to overcome the difficulty of creating the encrypted blocks. People agree that it is worth something. That is the similarity to gold. Powell admits this in the article.