Totally disagree.

First of all, there is no need for an asset to back a currency. There is virtually no asset backing any fiat currency other than the full faith and credit of a sovereign of whom only a few could command some credibility.

Then in essence value is an attribution based on the holders’ choice. That choice can be based on certain factors such as the strenght of an economy, money supply dynamics, ease of use and such. If digital scarcity, decentralization and usage dynamics among other things are satisfactory, then Bitcoin will get that attribution.

Finally, the interplay between transaction dynamics and store of value preferences is a dynamic one which in the case of Bitcoin is build up for the latter out of an investor choice driven by value attribution. So what fundamentally backs up Bitcoin is this fact which rather places Bitcoin on a very competitive standing with most if not all of the fiat and precious metals scene.