>Ahh, I feel that you don't believe bitcoin is money It's a fact it isn't. Money isn't a matter of belief, money must be backed with something. What is bitcoin

>Ahh, I feel that you don't believe bitcoin is money It's a fact it isn't. Money isn't a matter of belief, money must be backed with something. What is bitcoin backed by? Nothing. It goes up when speculative frenzy heats up and collapses violently when speculators lose interest. If every corporation in the world bought it to 'store value' it would moon. Then a depression comes, corporations start selling to cover operating costs. Except it turns out everyone wants to sell and nobody wants to buy, resulting in a violent collapse. Dollar is money because it's backed by all dollar denominated debts, including taxes. Any American is forced to sell a double-digit fraction of income for dollars. That's backing. It's true the value slowly falls, but no other asset with such a widespread demand source exists - it can be thought of as a utility fee. The prevailing (false) meme in bitcoin circles is that it's going to be less volatile once it grows bigger - on the level of us dollar. Yet much smaller currencies are money and are significantly less volatile - because they are backed by their respective states enforcing debts. >This assumes that it provides no utility outside speculation Whether there's actual utility or not, it's captured by tx fees. Tx fees go to miners, btc holders don't gain anything. Don't get too caught on in memes, btc only ever existed during a global bull market. People and companies are flush with cash they have no idea what to do and part of it goes to play on bitcoin. If you manage to dump on them then congrats - you took their money. The moment the global bull run ends and people are forced to try to get their 'stored' value back it's over. There was a temporary example during the covid crash.