What Gave Bitcoin Its Value?

Many people who have never used bitcoin look at it with confusion. Why does this magic Internet money have any value at all? It’s just some computer thing that someone made up.

Consider the criticism of goldbugs, who have, for decades, pushed the idea that sound money must be backed by something real, hard, and independently valuable.

Bitcoin doesn’t qualify, right?

Maybe it does. Let’s take a closer look.

Excerpt by Jeffrey A. Tucker.
Read the full article, written by Jeffrey A. Tucker, at https://fee.org/articles/what-gave-bitcoin-its-value