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In this video, I discuss whether Bitcoin is backed by anything, in the context of the history of money. Like fiat money and gold, Bitcoin is not backed by anything.
New forms of money emerge when users converge on them for their superior monetary properties (scarcity, durability, portability, divisibility, fungibility, etc). This was how gold demonetized seashells and copper, and also how Bitcoin is in the process of demonetizing gold.
In the future, due to Bitcoin's superior monetary properties, I expect Bitcoin to be used as the primary global reserve asset that is used to settle trade imbalances. Bitcoin is highly suited for this function because it is a neutral asset that is not issued by any nation-state and that cannot be controlled, confiscated, or debased by any actor.
Gold has a 10,000 year history as money, but so did horses for transportation-- until the automobile came along. Bitcoin is at least a 10x improvement on gold, and has been stealing market share as a result. Expect Bitcoin to continue to eat the world.
Not investment advice! Consult a financial advisor.
$10 gold certificate:
https://i.pinimg.com/originals/a5/39/8f/a5398f3b13df25cb05a04bb3037a1960.jpg
Qaddafi, gold, and crude oil:
https://theecologist.org/2016/mar/14/why-qaddafi-had-go-african-gold-oil-and-challenge-monetary-imperialism
Wampum as legal tender:
https://daily.jstor.org/wampum-was-massachusetts-first-legal-currency/
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https://www.amazon.com/Beginners-Guide-Stock-Market-Everything-ebook/dp/B07S31TBF5
I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.
My opinion i..
