In practice, a currency's only purpose (as far as I know) is using it to buy things. Calibrating against USD, or GBP, or JPY, or gold value, or any other major stable currency, is equally good and gives a way of understanding the current value of BTC. How would you suggest we currently understand the value of a single BTC?
Certainly BTC have been, and continue to be, much more unstable than any of these metrics.
In practice, a currency's only purpose (as far as I know) is using it to buy things. Calibrating against USD, or GBP, or JPY, or gold value, or any other major stable currency, is equally good and gives a way of understanding the current value of BTC. How would you suggest we currently understand the value of a single BTC?
Certainly BTC have been, and continue to be, much more unstable than any of these metrics.