What makes bitcoin valuable?

[williamshennie9]

Hey guys!

I was doing some research about early forms of currencies, and noticed that many of them were backed by gold, which provided surety to the holders of that money, that it is worth something, because it can be exchanged for a piece of gold (which was widely accepted as being valuable).

So my question is: What is bitcoin backed by (if anything)? I know that the price is determined mainly by supply and demand, but I was wondering if there is some underlying valuable item on which bitcoin is backed. I know the blockchain is used, but that does not in itself have value, it's just the technological driver which allows bitcoin to operate.

I'd love to hear what you think.