CRYPTO IS WINNING, AND BITCOIN DIEHARDS ARE FURIOUS ABOUT IT Bitcoin is a pure distillation of what John Maynard Keynes called finance's "animal spirits." Anyone who's transacting in Bitcoin has joined a chosen community of fellow believers — Bitcoin is backed by, in practical terms, nothing. The U.S. dollar may not be pegged to gold anymore, but the U.S. government still levies taxes in dollars, which it spends on a very real-world military. Since Bitcoin doesn't have that, the way people feel about it really matters. The Verge |
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