I hear many bitcoin enthusiasts say that creating a blockchain without a monetary token behind it would be pointless, or even impossible. To be honest though, I've never heard an analysis on why that would be. Without evidence presented though, it's hard to figure out if there's actual knowledge supporting such an argument, or a fear of bitcoin being left behind if banks start using blockchain tech without it.

We've already started hearing about big institutions expressing interest in blockchain tech, investing in related enterprises, and even using it. What are your thought on this? And from the technical side of things, what is it that makes a blockchain without bitcoin behind it sound unreasonable?