Why Do Bitcoin Investors Hate Fiat Money So Much?
It’s become very trendy to hate fiat. It’s also become very trendy to refer to paper money as fiat (potentially without even know what that means).
Fiat money is defined as money issued by a government that is not backed by a commodity such as gold. So why the hate? Last time I checked, most of us were still getting paid in dollars and no one was throwing a fit over their paycheck.
I started thinking about all this after reading some of the comments on my recent piece about taking profits on my crypto holdings:
Most of the comments were thought out and nuanced. I enjoyed reading them and learned a thing or two. One of the ones that stuck with me was:
“Everybody needs to do their own research but it would appear that you’ve made an epically bad move. And especially buying into Tencent. Fiat profits are no match for bitcoin.” (emphasis mine)
Maybe I’m old fashioned, but what’s the point of an investment if not to profit from it at some point. Profits are profits, returns are returns, whatever the…
