I think they mean that there is no value in being entertained and people spending money on it are idiots.

If that sounds stupid that's because it is. It's like saying there "is no inherent value" in a textbook because all it does is teach you calculus.

Bitcoin is entertaining to some people. It also allows you to lower transaction fees in certain situations, or make an electronic irreversible transaction relatively quickly compared to ACH/wire.

My point is that Buffet seems to understand non-tangible benefits are still valuable, and not only that he is hypocritical in his reasoning that he would have to sell it back to you.