The Externality of Money in the Bitcoin Case

If you have nation states that are declaring by fiat that a certain currency must be used, then that's sort of an externality on the system. It's not a system that they're able to operate with just the mechanisms of supply and demand what people would naturally choose to do. When a state requires that money be paid, the taxes be paid in a certain money, that creates demand for that money. Think about people who require that they be paid for ransomware in Bitcoin. That is effectively it's functionally the same thing as a state that demands being paid in gold or in dollars. So when people say there's no floor of demand for Bitcoin because there's no one taxing denom

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