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….
But Mises added that the value of money traces backward in time to its value as a bartered commodity. Mises said that this is the only way money can have value.
via What Gave Bitcoin Its Value? : The Freeman : Foundation for Economic Education.