While it is true that fiat money like the US dollar is not backed by tangible assets like gold or silver, the dollar at least has the backing of a erstwhile stable government and economy. Bitcoin is pure vapor. However, the value of all fiat money is tied to the economic and monetary policies of the government issuing them. Printing money and inflating the money supply always devalues the currency. Zimbabwe and Venezuela are good examples. Sadly Biden is doing the same to the US dollar.
Actually - I haven’t used cash at all in the past year and all my transactions have been through a credit card (either with a swipe or via internet transaction). That makes fed “currency” just as much “vapor”.
Now it’s true that Bitcoin doesn’t have the backing of a government behind it - but that’s a nature of currency used for trade and that ADDS value to the “coin” of the realm.
Without a government backing it and especially with governments attacking it - Bitcoin could go poof tomorrow whereas you’ll always have some value in the US Dollar… maybe… try trading for some Bolivars in Venezuela now.
Total 100% agree!
This should be cut and pasted on about half or more of the responses on this thread.
And no need for Truman’s legendary economist.