Even if Bitcoin is not tied to a conventional currency lot of people believe that the digital currency has many potentials the government doesn't understand what is the intention behind this digital currency creation they think that this is a scam the reality behind this decentralized digital currency was introduced to advance the potential of transaction in the digital goods .The value of Bitcoin is determined by the market as modern technology improved new stuffs developed, the blockchain can increase the pace and can be used in business.
Think of bitcoin as a pass-through of every transaction it depends entirely on the elements to form. However, it does not belong to any organization so it is not affiliated or dependent on any other. It simply represents electronic money in general as a bridge to the market.