I don't think there's no definite answer to that, for me there's really no physical value to bitcoin, it's kind of the same as fiat, it's the people that makes the value for those things
Difference b/w Bitcoin and FIAT is that FIAT is backed by central government and that's something missing in BTC. Probably that's why we see so much volatility in BTC price.
I do agree that bitcoin is just a piece a code and this code has made it to 60k$ in just a decade. The reason why I am investing in BTC is that it has a community that is present everywhere in the world and its growing. In the end, its just your personal decision why you invest in anything. @DannyHamilton very well explains this.
Gold is not backed by any asset like Bitcoin, nor by any fiat currency. It makes me wonder if I should invest/trade in gold or not?
Fiat currency is not backed by any physical asset like Gold or Bitcoin. It makes me wonder if I should invest/trade in fiat or not?
Bitcoin doesn't need to be "backed" by anything. It is an asset. It has use. It has value. It has demand. It has supply.