“The governments control the issue of paper money which is also exchanged on the basis of faith and acceptance and they prosecute counterfeiters. So we don’t see wild swings of valuation based on speculation.”
Long ago, maybe?
1971 Nixon cut the dollar loose and let it float.
Currency speculation, not just the dollar is TRILLIONS of dollars every day!
The dollar is not static.
EUR USD - Historical Annual Data
https://www.macrotrends.net/2548/euro-dollar-exchange-rate-historical-chart
Yes, bitcoin is more volatile.
I am a currency trader with years of successful trading including most of the dollar currencies. So I participate in currency speculation every day but Sat. but nothing seems to be as speculative as the Bitcoin market.
I understand Bit coin had a ride from a few dollars to over 10k per coin and back to 5K and now at 6+K. I don’t think you can entertain worldwide commerce at that rate of swinging valuation. Seems like a total speculation to me.
The first time I ran across it, I was offered a streaming service on NBA games for 15 bit coins monthly for the season. I didn’t know what it was and although I could buy the 15 dollar coin for about 15 dollars at the time, I decided not to get into it.
I have nothing against speculation, but don’t see how an unregulated electronic currency is going to be able to run alongside an official government currency, electronic or not.