Excellent point, I wouldn't however use USD, EUR, or RMB for jewelry. The point remains that BTC has no less intrinsic value than any fiat currency. As soon as we promise each other work in exchange for something that thing gains value. In a sense BTC is more like gold than dollars because it is mined into circulation, rather than being conjured into existence by a central bank.

Isn't that argument just turtles all the way down, though? If people stopped wanting jewelry, gold would not be desirable.