Not at all. Why does wheat have intrinsic value? Because it can satisfy some need. Do you suppose there’s no need for money?
Just because bitcoin doesn’t have any physical existence people get tripped up in their thinking about it. Bitcoin is exactly like a fiat currency, except that it is not inflateable. That would be an impossible retriction to maintain with paper money, but digital money makes it possible.
If some moneys didn’t have intrinsic value over other kinds of money, then Gresham’s law wouldn’t exist, which says, “Bad money driveth out the good.” That was when cheap coins replaced pure silver coins in the British economy. That’s not really a fair analogy because the cheap coins were forced into the market and silver was already a commodity.
But, in a competition between two fiat currencies, between the US dollar and Bitcoin, only one of these cannot be inflated, and that’s progress, and thus value. And then there’s all the other benefits too over the dollar.