30% of Americans Believe the U.S. Dollar Is Backed by Gold

Genesis Mining conducted a survey asking what support is given to the U.S. dollar. Apparently, about 30% of the U.S. public believe that gold still supports the dollar.

The Bretton Woods system came to an end in 1971, and then the USD-to-Gold convertibility was officially terminated. The dollar became a fiat currency alone, and free-floating exchange rates. Despite this occurring nearly 50 years ago, some Americans still feel that gold is somehow tied to dollars.

Polling the Public on the Dollar

Bitcoin hashrate supplier Genesis Mining recently conducted an insightful poll showing how little the public knows about the currency they use on a daily basis. These are the results.

29.3% of the public believes the dollar is backed by gold.
30.1% say the government backs it.
7.1% said nothing.
5.8% said bonds.
4.1% said oil.
23.6% said they had no idea.