[John S Mosby]

Until it doesn’t get that high, and devalues. The Mexican peso like.

Nothing backs this currency other than “something” setting the fixed number of a substitute currency— for another currency that is also not backed.

A fool’s game. The “need” is not the same as something like— food to remain alive which is a particularly proven “currency” of real value.

[aMorePerfectUnion]

Nothing backs this currency other than “something” setting the fixed number of a substitute currency— for another currency that is also not backed

Nothing backs gold, silver, etc.

What backs gold, silver, and bitcoin is demand from people or institutions that want it and are willing to pay for it.

[precisionshootist]

"Nothing backs this currency other than “something” setting the fixed number of a substitute currency— for another currency that is also not backed."

This is true of the dollar and most other currencies. The reason Bitcoin is valued so high is the supply is strictly limited. The Fed can print as many dollars as they want. Not true of bitcoin.

If Bitcoin continues to be a store of wealth and global demand increases as it is now Bitcoin is going to go a lot higher. I see bitcoin well north of 100k in the next five years or less. The numbers tell us it could easily be in the 250k range. Which sounds crazy but not with the supply so limited coupled with global demand and holding.

There were many posters here several years ago screaming Bitcoin is the equivalent of tulips. That was several years ago. They were incorrect.