Wow, a volatile currency backed by nothing has large swings in value and if you pick the right date range you can tell any story you want? That’s pretty amazing.
A nicer way to put that is that taxes are collected in national currencies. You can use any currency you want in private transactions but when the tax man comes calling, you better have the government’s preferred currency.
Also, what are cryptocurrencies backed by? Why do y’all exclusively call government money “fiat” when that just means it isn’t backed by a precious metal? Is there a Bitcoin Ft. Knox out there making it not a fiat currency?
Wow, a volatile currency backed by nothing has large swings in value and if you pick the right date range you can tell any story you want? That’s pretty amazing.
What is fiat backed by?
Militaries, usually.
A nicer way to put that is that taxes are collected in national currencies. You can use any currency you want in private transactions but when the tax man comes calling, you better have the government’s preferred currency.
Also, what are cryptocurrencies backed by? Why do y’all exclusively call government money “fiat” when that just means it isn’t backed by a precious metal? Is there a Bitcoin Ft. Knox out there making it not a fiat currency?
And the military is backed by fiat currency. It’s turtles all the way down!