Bitcoin is not backed by any physical asset like Gold nor by any fiat currency. It makes me wonder if I should invest/trade in Bitcoin or not?
I am an economics graduate and there I was told that backed country's fiat is gold
and what about bitcoins? what i have to say is bitcoin is not backed by gold, fiat or shares of big companies, bitcoin is backed by the community and also the belief of many people who want to change the world and become their own bank
this is what makes bitcoin very strong and very high value
That’s the problem that most of us have only one justification for this,that is, community’s trust. If people have such a strong faith in it, then why does it falter during big events and why do people pull back their money leading to a crash in bitcoin’s price?