Cryptocurrency Q&A
What is backing the US dollar?
What is backing the US dollar?
DigitalBaron
Sun Oct 27 2024
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7 answers
1452
I don't understand this question. Could you please assist me in answering it?
7 answers
RobertJohnson
Tue Oct 29 2024
Before 1971, the value of the US dollar was supported by gold.
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Silvia
Tue Oct 29 2024
This meant that the dollar could be exchanged for a fixed amount of gold.
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Elena
Tue Oct 29 2024
However, after 1971, the gold standard was abandoned.
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CryptoMystic
Tue Oct 29 2024
Since then, the dollar's value has been determined by other factors.
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Riccardo
Mon Oct 28 2024
Today, the US dollar is backed by the government's ability to generate revenues.
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