The USD dollar is backed by the universal belief that it will continue to be valuable, plus the entire productive capacity of the US economy and the war making

The USD dollar is backed by the universal belief that it will continue to be valuable, plus the entire productive capacity of the US economy and the war making ability of the US government. Bitcoin is backed by a less universally held belief that it will be valuable in the future, and that’s it. One of these things is just a much smaller subset of the other.