Shouldn't all crypto be backed by bitcoin ?
How I wish all other cryptocurrencies are backed by Bitcoin. Unfortunately, it's not the case. Neither is there a rule which requires them that.
If I may go further, how I wish our fiat is backed by Bitcoin. It effectively prevents the fast devaluation of money. Rather than
sky's the limit, which is the current fiat standard today, it would be Bitcoin's the limit. And Bitcoin is indeed limited. Any amount of fiat could be printed or issued for as long as it is backed by Bitcoin.
How could a "Bitcoin Standard" emerge? For example, if you could pay for food service etc everywhere with bitcoin, would that be enough to essentially drive bitcoin as a backing standard ?
If the people find value in Bitcoin, in its features to be exact, then it's enough that it has backing standard. And that already applies today, even if we can hardly pay for goods and services with Bitcoin.