I hear ya. And I don't disagree. It's backed by absolutely nothing. However, the guarantee that it cannot by counterfeit is worth something. Plus, the total supply is capped and introduced in a deflationary manner. The true reason Bitcoin is rising is mathematics. It is not a stock. It's not really even money. It's a decentralized ledger. Ledgers can be used for LOTS of things. Tracking money is definitely on top of that list. More people are adopting Bitcoin wallets each year. Fewer Bitcoin are introduced into the market every 4 years (halving). Supply/demand. 11 years and never been hacked.