Intrinsic Value

You hear people use this term all the time when they talk about Bitcoin. They typically say that Bitcoin has no intrinsic value. Wtf does this mean? Gold has no intrinsic value too, yet we use it as a store of value just because our ancestors liked how shiny and scarce it was. The only things that technically have intrinsic value in my opinion are things that keep us alive like food, water and medicine. Yet they cannot be used as a source of value for obvious reasons.

So why do people use this as a way to invalidate Bitcoin? What is a good way to respond to this?