30% of Americans Believe the U.S. Dollar Is Backed by Gold
Genesis Mining has conducted a survey asking what the U.S. dollar is backed by. Apparently, around 30% of the U.S. public believes that the dollar is still backed by gold. The Bretton Woods system ended in 1971, and it was then that the convertibility of USD to gold was officially terminated. The dollar became solely a fiat currency, and exchange rates were free-floating. Despite this happening close to 50 years ago, some Americans are still under the impression that gold is tied to dollars in some way.