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No this isn't correct. The government imbues value in their fiat currency by insisting you pay your taxes in it. You may think bitcoin is the best thing ever fo
by branchless 9y ago
No this isn't correct. The government imbues value in their fiat currency by insisting you pay your taxes in it. You may think bitcoin is the best thing ever for many reasons. But if you live in the USA you gotta get USD to pay your taxes or they are going to put you in jail.
We see this globally with the huge effort the USA puts into keeping oil priced / settled in USD. It matters.
USD has a store of value because if I hold USD I know the US govt is going to make people hand over a portion of their labour in taxes which keeps USD demand up.