Whenever I meet someone who tells me that crypto is a scam, akin to gambling, or that it isn't backed by anything, I ask them: what is fiat currency backed by? After some hemming and hawing, the answer they usually arrive at is "faith," the same as stock prices. As long as the market has faith in the token, it has value. Fundamentally, there is no difference between cryptocurrency and fiat currency or stocks, at least when it comes to value. What sets crypto apart from the other two is that it isn't controlled by a central bank or analogous entity. Crypto is also new, and people who are set in their ways financially will continue to find different ways to dismiss it, simply because it doesn't have a decades-old institution behind it. No reputation, no faith. Faith is a funny thing.