People believe bitcoin is backed by nothing. I think that is not the truth. I believe bitcoin is actually backed by people themselves. It is backed by none other than just you. We all witnessed the price has been fluctuating by all those FUDs and bad news. The price changes by emotion and non logical facts. I believe you hold bitcoin no matter what happened and would happen, and believe it is backed by all of us, it would make a history. 
Thats the point. Its backed by people. My usual retort is what is the USD backed by? They say the government and my response is "what is the governemnt backed by? The obvious answer is people. So in reality bitcoin and world currencies really are the same. If USD was still backed by the gold standard then all the haters would have a valid point. But that was always cryptos point, I can invent a currency and pay you in it, if you take it, it has value. The simple act of me paying you in that currency that was invented by a random person means that all currencies derive their value from people and therefore the entire system of monetary value is just one big joke.