Part 5/17:
Bitcoin epitomizes the next step in this long evolution—a radical abstraction that defies traditional notions of currency. Unlike tangible coins or backed notes, Bitcoin has no physical form; it’s entirely digital and relies on a decentralized network of participants viewing it as money through collective belief.
The speaker is surprised by the common misconception that Bitcoin is "not real money" because it's not backed by gold or any physical entity. The truth, he insists, is that money's value derives from societal consensus, not physical backing. For example, the dollar is accepted because people believe it has value, not because it is backed by gold anymore.