USD or some such fiat is usually the preferred reference frame for value. But borrowing a bit from relativity theory, you can choose any reference frame. You can count your total assets in BTC, Gold, Coca Cola shares, cigarettes or bottles of Tide.
These units of value change relatively to one another in time.
People like to think they earned money when stock prices go up. But this is just an interpretation of what is happening. In more objective terms, if you hold stocks and cash, and stock prices go up relative to cash, you still hold the same stocks and cash. If you take the cash as preferred reference frame, you gained value, as when you convert everything to cash, you now have more than before. But if you take the stocks as preferred reference frame, you lost value, as when you convert everything to stocks, you now have less than before.
In this sense there is no inherent value anywhere, all value is relative to all other values. In this context choosing a preferred value reference frame and calling it intrinsically valuable seems arbitrary.
These units of value change relatively to one another in time.
People like to think they earned money when stock prices go up. But this is just an interpretation of what is happening. In more objective terms, if you hold stocks and cash, and stock prices go up relative to cash, you still hold the same stocks and cash. If you take the cash as preferred reference frame, you gained value, as when you convert everything to cash, you now have more than before. But if you take the stocks as preferred reference frame, you lost value, as when you convert everything to stocks, you now have less than before.
In this sense there is no inherent value anywhere, all value is relative to all other values. In this context choosing a preferred value reference frame and calling it intrinsically valuable seems arbitrary.
Couldn't have put it better myself. You don't have to use "money" as your frame of reference for value. Its often better if you don't, especially if you live in an inflationary environment.