Since many people try to convince us that Bitcoin is a bubble and how we will lose our money eventually, I wonder if money is not a bubble actually. There exist economies in which money has a positive value in spite its market fundamental is zero. That means fiat money has zero value. Fiat money is a social contrivance. We take money from other people because we know other people will take it from us. In theory and practice the fiat money is a bubble.
Basically, there are three types of real money: commodity, representative, and fiat. The commodity is gold, silver, and copper. the representative is paper money that is backed by gold, 100$ of representative money is equals to 100$ worth of gold. And the fiat, which we are using now is just backed by faith. Basically, the fiat is just literally a paper and has no value at all. So you are right! Fiat is just backed by faith and no real-world value, unlike bitcoin, which is based on supply and demand.