It is backed by nothing and that's ok. It's a money, it doesn't need to be "backed". Gold is not "backed" by anything, the notion doesn't even make sense. Backi

It is backed by nothing and that's ok. It's a money, it doesn't need to be "backed". Gold is not "backed" by anything, the notion doesn't even make sense. Backing implies a debt or a promise to convert currency into money by a counterparty, and that backing can be taken away.