@tradingwhale The only thing that gives/gave the US dollar backing was it was the only way to buy/sell crude oil on the world stage. Look up the petrol dollar but as of the late countries are opting out of using the US dollar weakening it even further with inflation. Currency is only as strong as the people using it. Dollar steadily weakening will only help bitcoin!
You are right. The most fundamental resource backing any currency is not gold or any other commodity, confidence of investors, or real estate holdings. It is the military employed to back the interest or currency. I also wrote an article on my sentiment on the same subject check it out if you like... https://steemit.com/bitcoin/@cryptkeeper17/bitcoin-value-forecast-a-brief-simple-short-term-analysis
Its not backed by faith, it is backed by full faith and credit, lol.
@tradingwhale The only thing that gives/gave the US dollar backing was it was the only way to buy/sell crude oil on the world stage. Look up the petrol dollar but as of the late countries are opting out of using the US dollar weakening it even further with inflation. Currency is only as strong as the people using it. Dollar steadily weakening will only help bitcoin!
You are right. The most fundamental resource backing any currency is not gold or any other commodity, confidence of investors, or real estate holdings. It is the military employed to back the interest or currency. I also wrote an article on my sentiment on the same subject check it out if you like...
https://steemit.com/bitcoin/@cryptkeeper17/bitcoin-value-forecast-a-brief-simple-short-term-analysis
it's all a game just play smart.