Many skeptics of crypto-currencies don't believe that digital assets have real-life value
All assets, from gold to Bitcoin, ultimately derive their value from the faith and participation of the people that trade them. Skeptics of crypto-currencies often say that these digital assets have no real-life value because you can't hold them in your hand, and they are not "backed by" any material object either. Others who are more friendly with the technology suggest that these currencies derive their value from the energy and resources that miners spend on securing the networks.
However, both of these perspectives overlook the fact that assets don't actually need to be "backed by" anything, aside from the faith and participation of the people who trade them. In fact, this type of shared interest and belief is what ultimately gives all assets their value, from gold to Bitcoin, to real estate.
Stockbroker Peter Schiff has been one of the most vocal critics of Bitcoin and other crypto-currencies over the years. Although Schiff is also an opponent of fiat currencies, he doesn't trust digital assets because he believes that they don't have any "intrinsic value." Speaking in an interview on the Joe Rogan Podcast earlier this year, Schiff said that in order for crypto-currencies to actually have value they would need to represent a material object, like gold.