I may get ridiculed for asking this, but, if bitcoin was gold-backed or backed by anything tangible that produces value, then maybe governments wouldn't be so aversive of its use?
If, for example, bitcoin gets backed by gold, or platinum, or oil, how would it affect bitcoin price? (Believe me, while typing this up, I feel like my question sounds dumber with every character typed.... can one commodity be backed by another
. )
I believe that bitcoin can stand alone as a very valuable commodity/currency because I believe that data is valuable. But not everyone can see that or understand that idea.
The gold standard has been been ditched by many countries but many people still don't seem to realize that bank notes now are just backed by promises and goodwill.... most still believe that banknotes are not just paper because its value is tied to a precious metal reserve. sadly, government leaders, bankers, and businessmen influencing people's perceptions want to keep it that way -- so as to keep the majority from breaking out of poverty?