But many people are afraid of Bitcoin’s volatility because Bitcoin has been very volatile. For example Bitcoin was at 31,000 USD last year in summer, at 42,000 USD last year around christmas and is at 69,000 USD now. It is still very volatile.
That looks like some progressive volatility, which attracts a lot of people to Bitcoin. A 100% increase in value is not an ROI you get from many assets in less than a year.
Many people are in favor of Bitcoin because it is a store of value and we can hedge inflation against it.
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Unbacked stablecoins should be illegal. Because why should it be allowed to provide such a crap and have no insurance?
They should be, but they do their auditing themselves and assure you they are backed 1 for 1. How about holding the currency they are backed in if your sole purpose is to hedge against inflation.
- Jay -