Series V · Card 19 of 21 · THE MINE
Contrary to popular belief, bitcoin is in fact backed by something. It is backed by the only thing that backs any form of money: the credibility of its monetary properties.
PARKER LEWIS · BITCOIN IS NOT BACKED BY NOTHING · 2019
Turn it over, answer, sign – free, no account.
Source
“Bitcoin Is Not Backed by Nothing”, Unchained, 28 September 2019 (book “Gradually, Then Suddenly”, 2023, ch. 3)
About the author
Bitcoin writer best known for the essay series “Gradually, Then Suddenly”, which explains Bitcoin through money, credit, and market structure.
The question on the back
How much credibility does something have to earn with you first?