[Jonty30]

Sorry it’s potential $384 billion, not $38 billion.

But still, without some concrete backing, it’s nothing more than a virtual cat in the sack.

[BfloGuy]

But still, without some concrete backing, it’s nothing more than a virtual cat in the sack.

Yes, of course it is. It is a species of fiat currency -- but with limits on its inflation [and no apparent political connections]. It is backed solely by the confidence its owners have in its acceptance by others.

Fascinating phenomenon, really.