The way I see it is Bitcoin is backed by Electricity, Processing Power and Connectivity.

Which is arguably as good a measure of economic potential as oil, if not a better one, considering our modern economy.

Conversely... there are in fact electricity generators, chip-makers and connectivity providers... who are backed by... Bitcoin! Funny, right?!

Perhaps Bitcoin will find its natural place backing technology and services... while oil and minerals can "back" actual products and infrastructure.