“Bitcoin is 100% faith. Come the next market phase where faith is at a minimum, what do we think will happen to a stock whose entire reason for existence is faith and nothing but faith?” - Jeremy Grantham

Currency Backing Types

1. Commodity Redeemable (backed)
1. Government Issued & Controlled
   E.g.: US dollar before 1971,
   British Pound before WWI
2. Privately Issued Centralized
   E.g.: Gold & silversmith recepts,
   US free banking period 1840-60
3. Privately Issued Decentralized
   Thaler (1500), Spanish Dollar (1600-1800),
   Specie backed cryptocurrencies
2. Faith based (unbacked)
1. Fiat - Government Issued & Controlled
   Government-issued money since 1971.
   Central Bank Digital Currencies (CBDC.)
2. Privately Issued Centralized
   Green stamps, Facebook's proposed Libra.
3. Privately Issued Decentralized
   Unbacked cryptocurrencies such as Bitcoin,
   Etherium, Stellar, Monero, etc.