Do you disagree about what would happen if the USD would be at risk of being outcompeted inside the US, or are you just arguing semantics with no connection to the real world?
(serious honest question)
The US government DOES guarantee that the USD has value. It's not something that they cannot fail at, but they do guarantee it. Cryptocurrency has no guarantee at all that it has value.
If your definition of "backing" is that you are guaranteed to be able to exchange it for something else, then cryptocurrency is truly backed by nothing, making the statement "backed by math" commonly used by bitcoin nerds complete nonsense.
(serious honest question)
The US government DOES guarantee that the USD has value. It's not something that they cannot fail at, but they do guarantee it. Cryptocurrency has no guarantee at all that it has value.
If your definition of "backing" is that you are guaranteed to be able to exchange it for something else, then cryptocurrency is truly backed by nothing, making the statement "backed by math" commonly used by bitcoin nerds complete nonsense.