What supports the cash in your wallet?
29.3% of Americans Believe U.S. Dollar Is Backed by Gold — It Isn’t
Dollar as a substitute for gold was terminated in 1971
A new survey confirms around 30% of the US public thinks that the dollar is backed by gold. In 1971 the ability to convert US dollars to gold ended. The Bretton Woods system which created an international money exchange with the dollar as a substitute for gold ran from the mid-1940s and was officially terminated in 1971. Today the US dollar is backed by the US government.
Genesis Mining, a bitcoin hash rate provider conducted the recent survey. It is pretty astounding that nearly 50 years after the Bretton Woods agreement ended, nearly a third of Americans still believe their dollar is somehow tied to gold.
4.1% of Americans believe the U.S. dollar is backed by oil
Asking The Public About The Dollar
The objective of the study was to determine how well the average American consumer understood the Federal Reserve, banking, and…
