But, but... it's not backed by the government.
Oh but it is: the governments of the west are printing money.
Bless their hearts! They are increasing Bitcoin's value with each inflation of government currency. So you could say that Bitcoin is partially backed by government currency inflation.
Well, they're not really increasing the value of bitcoin. Only the dollar-value of bitcoin.
However: they are indirectly increasing the "real" value of bitcoin by ultimately forcing people to go look for a better medium of exchange and store of wealth by completely anihilating (trust in) the USD (and EUR/JPY/GBP/...)
