What is Bitcoin Backed By – Miyagi Mornings Epi-135 - Jack Spirko
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Every time I hear someone in the media say "Bitcoin isn’t backed by anything" I want to literally choke them though the speaker. Okay honestly I don’t want to do that, I want to be able to have a 15 minute discussion with them on air to explain how wrong they are. Of course no such people nor their networks are interested in facts, so we will do it ourselves here.
I already explained why BitCoin has value, you can find that episode here. https://odysee.com/what-makes-bitcoin-valuable-miyagi:5
And while there is a lot in common with "what backs Bitcoin" that is really a lot more specific and as you will hear today, bitcoin is absolutely "backed by something".
Oddly enough Bitcoin and the dollar are actually backed though the same thing but in drastically different ways. The one word answer? Security. Please note that security and "value stability" are not the same thing. Additionally "value stability" is highly relative to time lines it is measured across.
The dollar has a great deal more "value stability" across a week or a month then Bitcoin, but Bitcoin destroys what people mean by "value stability" measured across a multi year period of any significance.
Note that today we are focusing on one main issue, what backs Bitcoin and how that compares to what backs the dollar. I will cover some other concepts too but this is the one to key in on. Once you really get it, everything else including why "Bitcoin is sound money" will make sense.
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