Why is it less real than the US Dollar?
I have watched Bill Mayer's New Rule:Crypto Mania a few times now. Bill Mayer is one of those people who talk a lot (not complaining because it is his actual job to talk and give his opinion) and will eventually say something that you will agree with, and eventually will say something that you will disagree with. It is just the law of averages.
This video happens to be the latter for me. I don't really have an opinion on the environmental impact, make your own decision on that, but I do have a thought on his idea that crypto isn't a real. It is simply this, it is no less real than the trillions of dollars created out of thin air by the US government over the last 12 months. (This is not a comment on whether this was needed to help the country or not, once again, you can decide on that.) This created money is not backed by gold, or anything else, other than the confidence of the people using it. It is simply a few key strokes that credits banks trillions. I would argue the fact that crypto does require mining (actual work) by people to realize it, and is backed by blockchain technology, it has just as much standing as the US dollar.
He made the argument that if you own stock in Apple, you own part of a business that makes something, so that has value. Maybe, but, you are still trading at the value the market thinks that stock is worth, not the actual worth of Apple. Same as what the market determines any crypto is worth at that time. Mature and well thought of cryptocurrencies trade for a lot more than the thousands out there that no one has heard of. Same as Apple stock compared to Inpixion stock (if you have time, look it up.)
If you have more confidence in the US dollar than crypto right now, look up the current national debt, and then divide that by every man, woman and child in the country. (I'll give you a hint, it was 70,000 per person back in 2019.)Then realize that recent studies showed that 40 percent of Americans could not come up with 400 dollars for an emergency without having to borrow it.