What if Bitcoin was a Scam and Most Cryptocurrencies Were Worth Zero?
Michael K. Spencer
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Take a step back. Every cent of every currency on Earth has value ONLY because people believe it has value. Belief-based assets such as currencies, real-estate and commodities are the basis for the entire financial system. Asset-based financial instruments such as stocks, bonds, tracker funds and derivatives depend on other assets to give them value. As belief-based assets are the only ones where value is self-generated, they ultimately give value to all. The point: Any instrument only has value the value people give it.