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I suspect if anyone tried to convert a significant amount of bitcoins into ordinary currency, the value would plummet. Also, comparing the value of one "bitcoin" to one USD or EUR is meaningless.

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How is it meaningless? There is an active trading market where people are trading BTC and USD back and forth.

It doesn't seem different than comparing one "dollar" to one "euro."

Perhaps he's referring to the expected elasticity of Bitcoin, but you're right, comparing anything to the dollar is perfectly valid, but making comparisons and liquidating assets are two different things.

Dollars and Euros are currencies. Bitcoins are collectables.

Even though that is patently false, even if they were only "collectables" then you could still tie them to a dollar/euro amount.

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