When Bitcoin Grows Up
John Lanchester: What is Money?, 21 April 2016
“... ten pounds’ worth of gold: the link between currency and gold was ended in 1971, and anyway, Gordon Brown sold off the Bank of England’s gold reserves in the 1990s. The fact is, there’s no answer to the question, ten pounds of what? The ten pound note is worth what it claims it is because the state, in the form of the Bank of England, says ... ”