Trump says that we're going to embrace crypto
(twitter.com)
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What is backing bitcoin? No I have not done my homework. The biggest draw from my limited knowledge on crypto is that it's limited and understand they use block chain, but at the end of the day, who stands behind bitcoin's intrinsic value? Is it only the people that hold it? Understand it's portability and having your own cold wallet, but I never got who is backing the value of it and if multiple governments said it cannot be used and the there was a rush to cash out, would the value not be determined by supply and demand? That's the big rub for me and I am up front and honest saying I have not spent the time to look into that and those I know who dabble in it have not been able to answer it for me.
Bitcoin’s value is derived from its protocol, which is built on a scarcity principle, secure nature, and stakeholder interest as a savings technology.
Bitcoin serves as digital gold, offering an inflation hedge and currency debasement protection.
Market cycles and liquidity shifts drive Bitcoin’s price volatility.
Bitcoin security is reinforced because of its high computational power and energy, which protects against potential attacks and bad actors.
Bitcoin has no intrinsic value.