Why Any Sane Developing Nation Should Make Bitcoin Legal Tender – Miyagi Mornings Epi-123

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I have a feeling even those that completely agree with this title will not expect the true reason that I will give. This is because most people simply do not understand where money derives value from. The worst offenders in this are what I will call the “gold maximalists”. If you are not familiar with the term maximalists it is common in the crypto space and refers to the “Bitcoin Only” crowd. All other coins are shit coins type of thinking.

Full disclosure I would consider myself sort of a maximalist lite if such a thing exists. I will explain that in the video.

Regardless money does not get value because some underlying commodity backs it. To be a means of exchange it must have confidence that it is in fact what we believe it to be. That it can’t be or is at least hard to counterfeit. It has to be relatively easy to give from one person to another and it must be fungible. However even that is not where the value comes from, rather means by which something is accepted so it can be used as money.

Real money derives its value from the economy in which it circulates. People don’t want money in the way that people don’t want drill bits. You don’t want a drill bit, you want a hole, a drill bit is just a good way to get a hole. You don’t want money, you want what money provides, food, shelter, security, education, entertainment, etc. So how does that relate to why any sane developing nation should adopt BTC as legal tender as swiftly as possible? You will have to tune in to find out.