I’m sure glad Philadelphia Fed President Patrick Harker agrees with me. Money is worth what we thrust it’s worth.
Federal Reserve starting to think about its own digital currency, Dudley says
Philadelphia Fed President Patrick Harker, in remarks made at a conference in September, said he doubted bitcoin would ever undermine the U.S. dollar, primarily because it lacks the backing of a government. "The paper that’s in your pocket, that we call money, only has value because we believe it has value, because we believe the government stands behind it. It’s all trust issues," Harker said, according to a Coindesk report.
Exactly - - -
And the same goes for shiny yellow metal, cut & polished semi-transparent stones, paintings, old furniture, stamps, Stradivari violins, etc., etc.
All this stuff is only as valuable as the exchange rate people attach to these items. The functional utility value of all this stuff is extremely low.
I don’t know if anyone else here ever heard of J.S.G. Boggs, the money artist. He created conceptual art objects from buying things with his drawings of money. He was acquitted of counterfeiting in the UK and Australia, but the U.S. Treasury Department hassled him by confiscating a lot of his work without ever prosecuting him.