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I meant backed as in public reassurance, usage, commerce and of...

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Trufflehunter

3,936 Posts.

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17/01/21

09:00

Post #: 50223534
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I meant backed as in public reassurance, usage, commerce and of course legal tender.

Bitcoin has nothing to back it up for use.

Originally posted by skypiliot: ↑

Nope . If Fiat currencies were backed by GDP the amount in circulation would be reduced by central banks when GDP falls and rise when GDP rises keeping the amount in constant circulation equal to or at least proportional to the GDP .They just dont do that they print more money to increase spending to increase GDP

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Last edited by Trufflehunter: 17/01/21
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