The question is misleading. Bitcoin doesn't have backing. But other things may be backed by bitcoin.
Exactly. My favorite answer is: The same thing gold is backed by.
Not exactly.
Bitcoin and gold are both backed by the same thing - their unparalleled utility as a medium of exchange satisfying Aristotle's prerequisites:
So you tell me "not exactly" and then you repeat my words? Huh?
Yes, but no. You were half right.
'Not exactly' referred to your assertion that "Bitcoin doesn't have backing." Bitcoin and gold are backed by their utility as ideal media of exchange.