Reminder that Bitcoin is a commodity

“Gold is money. Everything else is credit.” — J.P. Morgan.

1. Money has value. Commodities have value. Gold and Bitcoin are two examples of commodities.
2. Credit has something behind it: a debtor that guarantees the creditor will get the money back.
3. With the gold standard, the creditor would get gold in exchange for their currency.
4. With Bretton Woods many currencies started to be backed up by US dollars, and not gold.
5. Nixon dropped the gold standard for US dollars, too. Since then, the dollar is not backed by gold but by the US government. Dropping the gold standard had consequences.
6. Originally, the entity behind a currency was not a government, but a bank, which would allow to safely deposit and keep money (e.g., gold coins), or safely carrying along a cheque worth an amount of money.
7. Some people argue today that monetary policy by central banks has too much influence from governments and politicians; and should be independent analogously to the separation of church and state. Banks and governments may rug pull their respective currencies, and in fact they do at a not-so-controlled speed with inflation.
8. In the absence of banks, pubs may be a better alternative to governments.

While gold and bitcoin are often compared to each other, they are not the only commodities. Traditional sectors for commodities are: energy, precious metals, industrial metals, livestock and agriculture. Exceptionally, cash is not trash nowadays, but for how long?