Bitcoin is backed by the time and effort it takes to create one bitcoin. Now it's backed by The demand, the number of people that use bitcoin, and the hundred thousand stores that except the bitcoin as payment.
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If you assume BTC value is going to be sustained based on its ability to act as medium for frequent exchange and transactions, you should cash in your BTC now. BTC can't even sustain 1/1000th the transaction rate that VISA runs. BTC may have long term value as "crypto gold". Else it is eventually doomed as a great initial foray into crytpo world, that is technically surpassed many times over in 3rd and 4th generation of evolution
Good point, I wonder if the creators of bit coin ever thought the value would be so high. If it is capped at 21 billion it could never handle the trillions of dollar 💵 transactions that happen every year.