The fact that it's the mandated unit of exchange for commerce in the US, and the government ensures it maintains a relatively stable value.
It doesn't have intrinsic value, but it certainly has value by fiat/authority
It doesn't have intrinsic value, but it certainly has value by fiat/authority
We accept the fed and central banks and money printing. We accept the rigged point system.
And how long is this sustainable before people have had enough? We now have an alternative. There is no bitcoin print button to bail out Washington at the expense of the regular people.
I suppose if a vast majority of Americans demanded a switch to BTC it could be done but if that was a real possibility it would be much easier to demand laws to stop the Fed instead of switching to a new currency.
But the government won't switch to BTC and the people will never demand it because a limited currency would hurt the economy by limiting growth.
Stopping the fed would certainly be a great start. But we still need to switch currencies to one that cannot be created or controlled by the government.
Whether bitcoin or something else, currency creation schedule should be damn near immutable, predictable, and the protocol should be ossified.
A currency that is unpredictable and can be created whenever the government pleases is unacceptable.