[cgbg]

There is nothing backing cryptocurrencies, except its notional value.

There is nothing backing any currency, except its notional value.

The history of Homo Sapiens has been _very_ clear on that point.

[Disestablishmentarian]

There is nothing backing any currency, except its notional value.

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Not quite true, though a good point to make.

US dollars have been backed for decades by oil, being required to acquire same in international markets including OPEC.

This basis has been, in turn, backed by the U.S. military, primarily the Navy.

ALSO, U.S. dollars are required to pay U.S. taxes; hence they are a cost of doing business in America, and this is an important part of their intrinsic value. I don't see the U.S. Treasury accepting Bitcoin any time soon, nor Euros, Yuan etc.