No one has ever reasonably proposed that instead of using possession of water as a store of value that we should use consumption of water as proof of prior possession, which is then assigned value. The incentive to consume enormous, wasteful amounts of water would be too strong. Yet this is exactly how Bitcoin works: you are rewarded with new coins once your computer has consumed a certain amount of electricity (measured by the complexity of computing hashes of data, which takes time). Worse yet, the amount of electricity required to be wasted to earn a reward predictably increases, which means that the more Bitcoins one wants, the more one has to waste.
So bitcoins have value because they used to be electricity? I really don’t see that making sense but the idea is interesting.