Binance Has a Major Pegging Problem

<p>One of the earliest criticisms leveled against Bitcoin when it started making the rounds in investment circles, was that it wasn&rsquo;t &ldquo;backed&rdquo; in the traditional sense.</p> <p>Why would anyone buy Bitcoin?</p> <p>After all, Bitcoin isn&rsquo;t a derivative of a commodity, not a lien on an asset, can&rsquo;t be viewed as a mortgage on real estate, and it&rsquo;s certainly not backed by the promise of a government.</p> <p>Yet despite all of these criticisms, there has been no shortage of investors willing to plonk real sums of money to buy Bitcoin, presumably because there will is a finite supply and perhaps as a hedge against the largesse of government.</p> <p>Whatever the investment case (or lack thereof) for Bitcoin, it&rsquo;s hard to make a case that it&rsquo;s &ldquo;backed,&rdquo; at least not in the traditional sense of an investable asset, although perhaps Raoul Pal will tell you that Bitcoin is &ldquo;backed by electricity,&rdquo; but that&rsquo;s a discussion for another forum.</p> <p><a href="https://medium.datadriveninvestor.com/binance-has-a-major-pegging-problem-643363aa0229"><strong>Website</strong></a></p>