[Tenacious 1]

Yes he’s an idiot, but bitcoin and other cryptocurrencies are really the way ahead for all of us.

In reality, it has no more backing than the US dollar as values for both are based on confidence and volume. Bitcoin is extremely volatile because a relatively few amount of people are buying and selling it. And all know it is very high risk.

And Bitcoin isn't the only cryptocurrency out there. One of them will eventually become a standard of some sort.

[Old Teufel Hunden]

"In reality, it has no more backing than the US dollar as values for both are based on confidence and volume."

The value of the U.S. dollar is backed up by the confidence in an economy that generates one of the largest (if not largest) GDPs in the world. The bitcoin is based on the confidence in a bunch of speculators putting a certain value on it. I'll take my chances with the U.S. dollar.