Gustav: A very thought-provoking video. The analogy of Bitcoin as the life raft is certainly fitting. The number of countries entering hyperinflation is growing. The previous safe haven of the US dollar is questionable. I read recently the United States added half of Bitcoin's market cap to its debt in a single day. Often, I am asked what backs Bitcoin. I would like to ask what backs fiat currency? It is one thing, faith that it will continue to be useful for purchasing items. This is made up of two components- a hope that the monetary authority will not devalue it (the so-called store of value). And that it will be readily acceptable for exchange (the so-called medium of exchange). As monetary authorities move steeper along the exponential curve of money printing, credibility in the first erodes. The state will have an increasing incentive to ensure or even coerce its continuing use for exchange since the store of value proposition becomes difficult to defend. Historically this takes the form of various flavors of capital controls. Villifying use of alternatives like Bitcoin is an early incarnation of this. And it is realistic that we will see this kind of narrative form. So what backs Bitcoin? It is the mathematically provable certainty of the schedule of issuance, and the ecosystem where no actor(s) can devalue the currency by issuing more recklessly. Everything else flows from there. #bitcoin #keepstacking #ticktocknextblock #money #debt #fiatcurrency image generated by hotpot.ai