Crypto vs. fiat currency

Crypto vs. fiat currency
Here's some common "advice" you'll hear from well-meaning friends who know just enough about economics to be dangerous but not enough to be smart:
"Cryptocurrency is backed by nothing. Only an idiot would hold it."
Au contraire, my friend.
Cryptocurrency isn't backed by nothing. It's backed by PEOPLE – people who use it, people who believe in it, people who put their wealth into it.
Take Bitcoin for example...
As of right now, as I'm writing this, Bitcoin has a market cap of $104 billion. That's the real-world value of all the belief that countless people around the world have put into this new currency. That's what backs Bitcoin.
Fiat currency?
It's backed by governments. Not people. But governments.
And how much have they invested in their platform?
-$69 trillion.
Yes – that's a MINUS sign.
That's what's backing fiat currency – a negative amount of money.
What does this mean?
It's all just a scam.
Fiat currency doesn't just have "no" value. It has negative value.
So... who's the real idiot?
Remember this next time some smart-ass wants to piss all over your investment strategy. Because it's easy to buy into their nonsense.