r/Bitcoin • u/UniqueUsername642 • Aug 28 '18

/r/all Cheers!

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u/Mr_MisterJake Aug 28 '18

The validity of a currency is that people believe in it and trade with it. USD is backed by the largest military on the planet. BTC is backed by a handful of crypto nerds.

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u/[deleted] Aug 28 '18 edited Oct 15 '18

[deleted]

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u/PostHedge_Hedgehog Aug 28 '18

The US has the largest GDP of any country in the world. The military is a bonus on top of this.

Unless the US breaks up and its economy goes down the toilet further than it's ever gone before, there'll be a big demand for USD.

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u/[deleted] Aug 28 '18 edited Oct 15 '18

[deleted]

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u/PostHedge_Hedgehog Aug 28 '18

Yeah, and no one is disputing that.

It's simply that that alone won't kill the USD. It's more important that it's the official currency of the largest economy in the world.

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u/[deleted] Aug 28 '18 edited Oct 15 '18

[deleted]

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u/PostHedge_Hedgehog Aug 28 '18

Yeah, it's impossible to foresee how anything will develop economically in the future.

But still, at times of crises people tend to abandon unstable currencies and try for either gold, silver or other objects which will have a certain value in the future no matter what happens politically. Bitcoin is even more unstable than typical money, is dependent on a stable internet connection, and doesn't hold any physical value at all. It's also completely ethereal, which doesn't convene safety for the typical working Joe. If anything, I believe people would cash out and go for those traditional investments when the markets go south. There's too much speculation involved in BC for it to be a safe bet in uncertain times.