its not backed by any legitimate country, or tied to anything of value, its not recognized by the BIS, its digital monopoly money. fact is the only thing that legitimizes bitcoin is that its now treated as a commodity. as a matter of fact no currency acts like bitcoin, why, cause real dollars get traded against other real currencies. Bitcon changes value because it is traded on exchanges, no other reason for its fluctuation in value. you can call it what you want, its a fad, and will be a bad dream someday soon. he has it right, and nothing has changed. the CME will make short work of it this year. I hate the phrase watch and learn, but learn you will.
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