goldMarkets

The Trojan Horse: Bitcoin is “Just” Digital Gold

Bitcoin’s comparison as “merely” digital gold demonstrates that legacy financial bureaucrats are in for a rude awakening.Early on Monday morning, March 22, during the Bank of International Settlement’s Innovation Summit, Federal Reserve chair Jerome Powell had this to say about bitcoin or, in his words, “crypto assets”: “Crypto assets are highly volatile — see bitcoin — and therefore not really useful as a store of value. They’re not backed by anything. They’re more of an asset for speculation… It is essentially a substitute for gold rather than the dollar.” -Chair of the Federal Reserve Jerome Powell. SourceBitcoin As Digital Gold: A Trojan HorseThis statement made by Powell cannot be understated. Gold served as humanity’s pristine monetary asset for millenia, and as the world continues to transition from the industrial age into the information age, broad change brought about by technological innovation is taking place at an exponential rate. While gold’s direct link to U.S. government currency was broken in 1971, the underlying properties that enabled the monetary metal to outcompete all other forms of money prior to the 20th century remained. In a global economy built on credit, there is high demand for a bearer monetary asset with no counterparty risk, with the current gold market cap estimated to be $11 trillion at the time of writing. However, a growing number of investors believe that bitcoin is overtaking the role traditionally held by gold.The comparison to gold is no joke. While the Fed chairman attempted to downplay …
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