Well pretty much. Gold would be good but it's difficult to audit as only a limited number of people can access the vaults; this auditing process is highly corruptible as history has shown us over and over again... In reality, because of this auditing issue, there was never enough gold to back the paper, even under the gold standard.
With Bitcoin, anyone can audit holdings of BTC since the ledger is public.
With Bitcoin, anyone can audit holdings of BTC since the ledger is public.