Sad thing is our monetary system is backed by nothing also, only difference is our Fiat money system is state issued and Bitcoin is private. There was a time when private banks in this country issued their own currency.
Remember Russia and China wants the dollar to become useless Bitcoin is private way of helping along with the chimps who buy them.
There was a time when private banks in this country issued their own currency true and in the south they minted their own silver coins during the depression.