> A US dollar bill is at the end of the day just a piece of paper - that is assigned a value (that constantly changes) by the market.
Ultimately, the U.S. dollar is backed by the U.S. Military. What is bitcoin backed with?
Ultimately, the U.S. dollar is backed by the U.S. Military. What is bitcoin backed with?
What does this even mean?
That if the US economy crashes and dollars become worthless, the military will plunder a few countries for resources to restore it?
A weakness to BTC could be that it's hard to enforce that...
- It means that more countries will keep USD as a major if not primary reserve currency.
- it also means that we can ensure that oil trade is denominated in USD, which also directly keeps the value of the dollar high.
- it means that we can create a special relationship with Saudi Arabia which allows some degree of control over global oil markets
- it means that we can e.g. devistate countries ideal for Iranian exports in order to prevent the development of competitive markets
If you mean legally - I believe stealing anything in the US is illegal, this would include BTC. The effectiveness of the government to enforce punishment for stealing BTC could be a valid weakness.