If so, then can i ask, why should we value Fiat money? After all those are nothing but a piece of papers with some paint on it! Or why should we value gold? After all it is nothing but a shiny metal with golden color lol. But you know what? A thing's value depends on how others people also think about it and how much worth they are willing to pay, when exchange. This is how the process works and this how bitcoin, fiat, gold are get valuable. Now its your choice if you are willing to buy bitcoin or not
Do you realise why the government is not in favour of Bitcoin? Because there is technology behind it which can disrupt the traditional way which they were using for their own benefits. That’s why it’s not backed by the government but gold and fiat is because neither of them has that potential.