Yes, it is:
1. Incorruptible supply enforced via a halving algorithm that can't be messed with without creating a hard fork or receiving universal consensus on the network.
2. Proof of work. In order for the Bitcoin network to function (meaning, for new Bitcoin to be minted up to the cap and for transactions to be validated/added to the blockchain), energy must be expanded. There's no way to fake it.
3. Self-custody that's difficult (near impossible if done properly) to confiscate by force. If you control your keys, you control your money. Full stop. Metals, cash, etc. are all subject to confiscation via force. At worst, they can throw you in jail and torture you and still turn up empty handed if they can't get your private keys.
4. Transmittable to anyone, globally, without limitation/permission in a few seconds to ~ 1 hour.
---
These intangible "backings" are identical to being backed by "the full faith and credit of the U.S." or "the U.S. military." Neither of those are impervious to failure. For example, if the U.S. continues to pile on debt or countries start to dismiss the petrodollar concept, as we're seeing (BRICS), that full faith and credit is meaningless. If they can't pay the military (or foolishly discharge them for ideological reasons) because their money isn't of value, the military won't care to enforce anything.
This is why, ironically, fiat is the ponzi scheme. It requires everyone involved to believe the lie that printing infinite amounts of money and burning it on investments with little-to-no return (e.g., socialistic entitlement programs, moonshot nonsense businesses, dragged out government projects) is some genius-tier strategy. When in reality, it's just one giant cult where everyone is pointing a gun at someone else under the table.
It will inevitably blow up and when it does, the very people who protected it will walk around with their hands in their pockets whistling.