This is a good line of thought.
All money is valued in human imagination at the end of the day, this is as true for fiat as it is for bitcoin or any other money. None of it exists in physical form, minus some paper here and there, or some silicon. You can't eat it. It won't shelter you from the rain. It has no electrons, no protons, no neutrons. It's all an idea. It's all just something that exists in human heads.
Once you realise this you realise that all money is the same, and that yes in money terms it does indeed make sense to compare the value of one thing competing for our imagination with another thing also competing for our imagination. Because there will always be these things competing for our imagination, the competition will never stop, because our imaginations will never stop needing new things to latch on to.
