Not really. People who possess gold can sell it one day and buy, say, furniture. Yet it will not mean that furniture backs up gold or vice versa. Bitcoin is a financial asset and we are likely to live till the time when we don't even need to exchange bitcoin for fiat anymore, because we can simply pay for goods in btc. An example of (supposedly) backed up coin is tether. Its creators claim they have one real US dollar  for every coin out there on the market. Oh, and the coin is not supposed to be as volatile as btc is if it is backed up.