[bigdaddy45]

I hate to break this to you, but pull a $20 out of your wallet. What is THAT backed by? Just the faith and confidence that its worth something. There’s no difference.

And I fail to see where “greed” enters this picture? “Risk” perhaps, but not greed.

[cuban leaf]

I hate to break this to you, but pull a $20 out of your wallet. What is THAT backed by? Just the faith and confidence that its worth something. There’s no difference.

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Actually, fiat money is based on faith - that the government that backs it doesn’t collapse. And governments are incentivized to not collapse. That’s why they have a military.

That doesn’t instill as much confidence as being gold backed, but it’s way better than bitcoin, et al, which are backed by faith alone.

[nascarnation]

Agree totally.
Governments around the world are issuing debt / creating money at an astounding pace.
People are looking for stores of value.

I’m not holding bitcoin but I understand what people are seeking. The stock market bubble is part of this same phenomenon.