https://youtubetranscript.com/?v=COrP1W_b7nY
Bitcoin did an excellent job of replicating the qualities that gold has that made it better money than, you know, cattle, you know, or salt or, you know, other commodities that have been money, right? Gold did has certain properties and Bitcoin captured those properties. But the most important property at all is gold’s metallic properties, gold as a commodity. Bitcoin has none of that. What gives a fiat currency its value? Just confidence. People just believe that it has value. They believe that people will accept it. Now part of that belief is driven by governments which declare it legal tender and which require it for payment of taxes. And so there is some real demand for dollars if you live in America. There’s a demand for euros if you’re in Europe because you have to pay taxes. And if you don’t pay taxes, they could put you in jail. And so in order to avoid jail, you need the currency that the government demands. But Bitcoin is similar to fiat in that all of its value comes from faith and confidence.