One of the other things often overlooked is that all modern currencies are based solely in fiction, without material backing.
For example, if I buy Apple stock today, and tomorrow the value of the stock increases by 10%, then I sell it. My bank account is magically 10% bigger than yesterday for no reason other than the magical perception of what people value at that moment. Oh, sure, people like to gyrate through hoops to come up with justifications for some physical basis for the magic 10%, but in the end, there isn't one. It's all smoke and mirrors. So, too, magic money like bitcoin is all about what people are willing to value something at.