Ann: Response to ASX Query Letter, page-33

Nah Bitcoin was never backed by gold.
Just backed by time in effect ha
The algorithm that supports its release, its immutability as a ledger n its scarcity is where the proponents argue its value.

There are gold backed coins now though, more n more the last year. Digix is one, perth mint has there own.. Melbourne soon to aswell.
The Islamic world is into em for Halal reasons (being a fixed asset) n also for storage/security sake like everyone else on that train.