Bitcoin is not backed by anything, it has no intrinsic value

The idea that a scarce digital asset can’t have value because it only exists in the digital world. For it to have value, proponents say it must be:

  • Backed by a precious metal (gold)
  • Backed by government (USD)
  • Backed by violence (USD)

or, in the view of Peter Schiff, you should at least be able to make jewellery out of it.

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