Bitcoin is backed by the cost of electricity (and equipment) required to compute its proof of work.
Electricity comes from natural resources like wind, hydro, solar, nuclear, and hydrocarbons.
Thus, our new Joule Standard is backed by natural resources.
Prepare to meet your doom, central bankers! The era of cryptodollar hegemony is upon us!
I guess the more costly electricity goes the more bitcoins go. With that said how will that effect electricity rates globally if one country supplies power at a substantial difference.
Interesting to discuss