[benbou09]

What do you mean by 'anything significant'? Paper money is not backed by anything material. Rather, it is backed by institutions (central banks, governments, banks) and individuals using them. To me, that's pretty much the same as cryptocurrencies.

[Twisell]

Not exactly, if your country economy collapse you still live in your country and are onboard with your fellow citizen to start anew.

If bitcoin collapse you are totally on you own while your neighbors that never invested in bitcoin remain totally unharmed by this virtual event.

[perseiden]

I think that was the point he was trying to make. Without major support of such institutions / individuals, bitcoin won't catch on as a "real" currency.