When gold bugs ask what Bitcoin is backed by:
The exact same thing as gold, it's own inherent properties.
It's not backed, it is the one who backs.
Discussion
It’s pointless to argue this with most goldbugs because they’ll spiral into a debate over intrinsic value. Then you have to explain that there’s no such thing as intrinsic value and their brains just have a 404 error.
Backed by the work it takes to produce it. ⛏️
I AM THE ONE WHO BACKS
I love this explanation.