Can A "Junk Standard" Buttress Bitcoin Prices?

Even in our world of fiat currencies, you often hear people saying that only metal or commodity-backed money count as “true money”. Gold standard is Paradise Lost and we, the unfortunate descendants of monetary equivalents of Adam and Eve, are punished by having to put up with “fake money” conjured up by fraudulent central banks. Bitcoin is not that different in the sense that it, too, is backed by nothing – some may argue that it is backed by math or the ingenious design of proof of work. But as the latest price movements seem to suggest, the electricity bill doesn’t translate into prices very well.