As the Health Ranger explains, Bitcoin is “digital fiat currency” backed by nothing. Isn’t it interesting that so many people pushing Bitcoin are critics of the U.S. dollar being a “fiat currency” yet don’t realize Bitcoin is DIGITAL fiat currency?
Podcast Transcript: “We’ll put this podcast in the category of risk aversion. It’s about Bitcoin or cryptocurrencies yet again. Since I’ve talked about bitcoin in the past few weeks, bitcoin has plunged 40% from it’s highs. When I was warning people about Bitcoin and saying ‘watch out’ … I’m pro bitcoin, don’t get me wrong. I’m no fan of the federal reserve, but bitcoin was being used as a speculate investment by a lot of bitcoin newbs who don’t know what they’re doing, they don’t know how bitcoin works, and they are jumping in because they were being told it’s going to make everyone rich. This is what you hear about bitcoin or ethereum or what have you. I said that when bitcoin was around 2500 or so. It went on up to 3000 and then crashed to almost 1800, but it has since recovered some what…” Listen to the full podcast below: