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. 
Yes, I agree with you. Bitcoin is backed by the people investing in it. The price of any cryptocurrency is highly influenced by the people holding it known as its community. This is truer in the case of Bitcoin. There are many cryptocurrencies being launched every day but Bitcoin is still ruling the cryptocurrency market. This is mainly because Bitcoin enjoys great support from its community.