Arnon Grunberg: No Gold for Cryptocurrency

Posted by admin on Wednesday, April 29, 2015

Arnon Grunberg Money Quotation saying cryptocurrency proving that we must trust a currency, regardless of whether it is backed by alternate currencies. Arnon Grunberg said:
 

 

“The relative success of the bitcoin proves that money first and foremost depends on trust. Neither gold nor bonds are needed to back up a currency” — Arnon Grunberg

 

 

The success of Bitcoin supports Grunberg’s statement because despite not being backed by any physical assets like gold or bonds, it has still gained widespread acceptance and trust among users, proving that trust is a key factor in the value of a currency.

Arnon Grunberg is suggesting that the success of cryptocurrency, like Bitcoin, relies heavily on trust. He believes that trust is the primary factor that determines the value of a currency, rather than being backed by physical assets like gold or bonds.

Categories: Fintech Tagged:arnon grunbergbitcoinbondscurrencygold