You cannot expect from Lee to distinguish all the nuances of the economy and technology. He is not an expert. Yes, he should say is that PAPER money has started as IOU, but that really isn't essential for his way of news presentation. He is still far better in explaining Bitcoin and blockchain than MSM, and whoever wants precise explanation, will have to go to Andreas Antonopoulos, Brook Pierce, Jaromil, Hive account@charlieshrem or some other expert in the field.