(From ref_saylor-on-buying-bitcoin-with-his-balance-sheet_michael-saylor_pomp-podcast)
bitcoin is backed by compute - of the bitcoin network. having the bitcoin isn’t about redeeming the compute, it’s about securing the compute network. the same way you wouldn’t necessarily redeem the gold in a dollar, you don’t necessarily redeem bitcoin network compute power. You’re using your computing power to defend your purchasing power.