The value of fiat money

No commodity backs it, but paper money still has well-defined value. We should ignore the ramblings of uninformed crypto pumpers.

“Too much money” by DALL•E

Gold bugs and crypto bros argue that fiat money—paper money created by the government—has no value. Their logic says the supply can forever increase as nothing backs fiat, rendering it worthless. They're wrong. The currency's value comes from what it takes to get it, and how much you need. Understanding this will improve econom…