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Alasdair Macleod: Why the future's money is gold and silver, not bitcoin
By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, April 15, 2021
Here is a reminder why gold and silver always will be sound money and why bitcoin cannot fill that role
With bitcoin's price still rising and expected to rise even more, there has been a growing belief in cryptocurrency circles that it will replace unbacked government currencies when they eventually fail.
The assumptions behind this conclusion are naïve, exposing hardly any knowledge in what qualities are needed for sound money.
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This article agrees that current events are accelerating the path toward fiat destruction, and that historical precedents point to their eventual replacement with a sounder form of money. But what that money will be is decided when governments lose control over their fiat; and the public, fiat's users, through free markets will set the monetary agenda.
Only then will the public determine the qualities required, and in the past, it has always opted for metallic money. And because government treasury departments and their central banks coincidently possess only gold in their non-fiat reserves, its monetisation is the only option for governments to survive the collapse of their fiat currencies.
That is what will eventually happen, with silver perhaps fulfilling a subsidiary monetary role to gold. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/goldmoney-insights/why-the-future-mon...
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