Jordan, the price of Bitcoin and other crypto currencies is based on what the price of any market has always been based on — belief. In any given market at any time the price is the product of the collective belief of buyers and sellers. Nothing else. The physical characteristics of, say a barrel of oil, do not change, but the price can vary considerably. Price is a human creation, not the result of some external agent. The great gift of Bitcoin (and now Tether through Jeff’s excellent reporting) has been to highlight the role of belief in the creation of value. No government compels Bitcoin to be used. Bitcoin has no underlying assets. Yet it has value. Jeff has shown the power of believe to hold Tether’s value pegged to the dollar. While Tether is likely to be a fraud this does not diminish the lesson — belief creates value, nothing else. I am working with a project that we hope can use the mechanics of belief to create a new breed of crypto investments without the need to hold underlying assets as a means of avoiding the risks of the fiat financial system.