The Truth About Gold-Backed Cryptocurrencies

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What is the future of money? Are we ever going to return to a gold standard as money again? Are we destined to have a fiat currency as money for the future? Or might we have the cryptocurrency Bitcoin as money in the future instead? Obviously, none of us have a crystal ball, but there are many people out there who are proponents of a future where cryptocurrency is money.

But that cryptocurrency is backed by something like gold or, at the very least, a basket of commodities, including gold. Now I love gold. I also love Bitcoin. And anybody who thinks a gold-backed cryptocurrency is a promising idea lacks a funder. Mental misunderstanding about money, how money works, the technology behind cryptocurrency itself, and what it is helpful for.

And so today, we will go over why any attempt to advance any gold-backed cryptocurrency will fail and never catch on.

Timecodes
0:00 Introduction
3:01 Evolution of Money
4:23 Rise of Banking System
7:51 Blockchain and Cryptocurrency
12:28 Gold-Backed Cryptocurrency Debate

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#GoldStandard #CBDC #Fiat #Debasement