Not really, I could fork bitcoin and mine bitcoins that no one wants. Which you might argue is unfairly representing your particular cryptocurrency but you'll have to admit that any better cryptocurrency at any point can reduce the value of bitcoin by 100%. Just because it has never happend doesn't mean it cant.

This differs significantly from real estate or gold, which is backed by a tangible representation. With a virtual currency, there is no floor to the amount of losses. Theres also no dependent economic activity to support it right now and any dependent economic activity could be replaced all the same.