The Lie at the Heart of Elizabeth Warren's Bitcoin stance

Just watched the clip where she compared Bitcoin to government issued digital currency and she essentially said that there is a government backing USD up while Bitcoin has nothing. And the completely backwards nature of her opinion hit me.

Dollars have value because people value dollars and are willing to hold onto them because they EXPECT everyone else to continue to value them into the future. And Bitcoin (or any other crypto) only has the value it has because people are choosing to hold it. ALL VALUE is the collective subjective opinion of all marketplace participants (ie. people). And people can change their minds quickly.

Governments and especially "government officials" have forgotten this because their monopoly on the use of physical violence over the last century became so great that they could afford to believe their own lie... until the free market invented something that (when stored correctly) could not be taken away by physical violence;)

It is also why Bitcoin is so desperately needed. The collective opinion of everyone SHOULD matter more than the opinion of some old hag in a giant mansion payed for by the hard working people she is sucking blood from every day.