You could make a number of abstract arguments that the USD is backed by any number of things - its reserve status, the US military, the GDP, whatever you want r

You could make a number of abstract arguments that the USD is backed by any number of things - its reserve status, the US military, the GDP, whatever you want really. But I could also say that Bitcoin is backed by the fact that people simply want it and that is a unique financial instrument. What does 'backed by' really mean?