Futures & Options Trading for Risk Management - CME Group

About "the belief that they may be accepted by someone else"

I keep seeing this statement in various forms over years: bitcoins (only) have value because of the belief that they may be accepted by others. One recent example is hidden in the analysis by the FRB of Chicago.
I find this statement misleading in a dangerously subtle way: it is not a belief, it is a fact that bitcoins are accepted in exchange for goods and services. They have been accepted for years, and have never failed at the fundamental, technological level as a payment.
You could argue that we don't know if anyone will be accepting them tommorow, but this is the case with anything. When we say "accepting", we need to consider the actual value it is being accepted at. Have you ever tried redeeming the value invested in gold during an ugly armed conflict? How much value did you get out? Have you ever tried paying with government fiat at times of hyperinflation?
Next time anyone mentions the belief in the context of value of bitcoins, insist on hard facts, not beliefs.
submitted by _niko to Bitcoin [link] [comments]

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