And yet, Bitcoin and other cryptocurrencies, are valued in US Dollars or other established currencies… This is no different than a dollar being priced in gold

And yet, Bitcoin and other cryptocurrencies, are valued in US Dollars or other established currencies… This is no different than a dollar being priced in gold terms or the pound sterling being priced in terms of silver when paper money was relatively new. A dollars were originally redeemable for $20.67 [1] and then later $35 per ounce of gold [2]. This ended when we got got off the gold standard in the 70's. As bitcoin becomes the dominant non-sovereign store of value, we’ll slowly start to reprice things in terms of satoshis (sats), the smallest denomination of bitcoin [3]. Sats are already the standard on Cash App and other apps and services that exchange fiat for BTC. It's just a matter of time before all fiat is priced in terms of sats. [1] http://www2.econ.iastate.edu/classes/econ355/choi/1900mar14.html http://www2.econ.iastate.edu/classes/econ355/choi/1900mar14.... [2] https://livingnewdeal.org/glossary/gold-reserve-act-1934/ https://livingnewdeal.org/glossary/gold-reserve-act-1934/ [3] https://medium.com/in-bitcoin-we-trust/talking-in-sat-rather-than-in-bitcoin-will-be-the-norm-in-the-future-3f4662adfc06 https://medium.com/in-bitcoin-we-trust/talking-in-sat-rather...