Mark Mason
Well-known member
St. Louis Federal Reserve Admits Bitcoin is Much Like Other Currencies
The St. Louis Federal Reserve in the U.S. issued a blog post based on a paper written by Berentsen and Schär that draws three main similarities between Bitcoin and other national currencies.
The blog post touches on one, no intrinsic value in either, two, limited supply, and three, no middle man. Berentsen and Schär discussed how Bitcoin has no intrinsic value since it only has the code, computations, and developers behind it, but they also highlighted that “state monopoly currencies, such as the U.S. dollar, the euro, and the Swiss franc, have no intrinsic value either.” They mentioned how the USD is no longer back by gold and only has the trust of the U.S. government and its status as legal tender to back the currency.
Read more: https://www.dashforcenews.com/st-louis-federal-reserve-admits-bitcoin-is-much-like-other-currencies/
The St. Louis Federal Reserve in the U.S. issued a blog post based on a paper written by Berentsen and Schär that draws three main similarities between Bitcoin and other national currencies.
The blog post touches on one, no intrinsic value in either, two, limited supply, and three, no middle man. Berentsen and Schär discussed how Bitcoin has no intrinsic value since it only has the code, computations, and developers behind it, but they also highlighted that “state monopoly currencies, such as the U.S. dollar, the euro, and the Swiss franc, have no intrinsic value either.” They mentioned how the USD is no longer back by gold and only has the trust of the U.S. government and its status as legal tender to back the currency.
Read more: https://www.dashforcenews.com/st-louis-federal-reserve-admits-bitcoin-is-much-like-other-currencies/