Bitcoin has no backing.
That’s the classic line from the old-school uncle who still thinks the U.S. dollar is backed by gold — or worse, that the Brazilian real is.
Let’s be real: monetary backing ended in 1971.
Before that? Bretton Woods.
World War II was ending, and countries gathered to rebuild the global economy.
There was a bold idea on the table: a neutral global currency controlled by everyone.
Guess who shut it down?
The U.S.: “Why create a new currency? Just use the dollar — we’ve got plenty.”
So it began: countries shipped gold to the U.S., got dollars in return, and hired the U.S. to rebuild everything.
That’s how the dollar became the global standard — until Vietnam.
The U.S. printed billions to fund the war. Europe caught on.
France even sent a warship to retrieve its gold.
That’s when Nixon pulled the plug:
“No more gold backing. The dollar is just… the dollar now.”
You know what doesn’t rely on trust?
Bitcoin.
Open code. Fixed supply. Transparent. Fully auditable.
It doesn’t need backing.
Bitcoin is the backing.
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#Bitcoin #Damus #EndOfTheGoldStandard #SoundMoney #MonetarySovereignty #FinancialEducation #cypherpunk
