John Griswold
Dec 10, 2020

All currencies lack intrinsic value, that's their whole point. Currencies are instruments of symbolic value, always have been, always will be. One caveat; the one intrinsic value of a currency is its utility as a currency. BTC could become a currency if people would ever stop using it as a speculative commodity, don't see that happening soon. The dollar functions well as a currency; its exchange value is reasonably stable, the economy backing it is the biggest in the world, there's a strong enough supply to support a global scale economy, the government backing it is/was backed by long and seemingly strong democratic institutions and systems/traditions of law. Current events are ripping at both of these strengths.

John Griswold
John Griswold

Written by John Griswold

Master carpenter, watercolor artist and beat up old jock…owned by Black Lab Bo who considers two tennis balls a minimum mouthful

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