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🇺🇸 US Senator Elizabeth Warren: "With Bitcoin, there's no thing that backs it up. It's just belief."

#Bitcoin: No that's fiat

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Wonder where she makes her millions 🤔

But she'll tell you that the US Dollar is backed by the full 'faith' & credit of the US Government...

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Bitcoin is backed by all the hardware and energy invested in securing the network, so it actually does have real intrinsic value, unlike USD.

That logic doesn’t track tbh. If I have a ton of construction equipment and dig a massive ditch, does that ditch have intrinsic value?

Not the ditch, the land, because you improved it by digging a drainage ditch.

We place value on the things that require the most time and energy to produce.

The metaverse must be worth way more than $13 billion then.

Only if it finds a use case that people actually demand. That's the other half of the equation.

😂

Literally the definition of fiat