No. of Recommendations: 1
Crypto is backed by the "block chain". Which, IMO, means it isn't backed by anything.
US currency is backed by the US government. As long as the government is standing, the currency is good (subject to fluctuations). If the government falls, it is worthless. Numerous examples from history...the Reichsmark is worth nothing (except maybe to a collector). Ditto the Confederate dollar. I suspect that the Deutschmark from pre-1930 (Weimar) could not be used today.
In principle, our currency was backed by gold. But Nixon took us off that. So now it is just a matter of confidence/trust. Which is why the US dollar was the preferred currency of the planet. In future, that likely won't be the case. I doubt we'll ever be able to get that trust back, sans a world war in which we defeat the forces of evil (again), which would earn us some goodwill.
