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50 years after going off gold, the dollar must go crypto

Bloomberg/Niall Ferguson/8-15-2021

graphic image of a digitalized crypto dollar zeroes and ones

“As the internet of money grows, the dollar is well placed to be the preferred global on- and off-ramp, connecting the nascent ‘metaverse’ to the physical world where we still pay our taxes in fiat.”

USAGOLD note: Ferguson does a good job of laying out where the players line up on the cryptocurrency controversy at this juncture. He comes down on the side of letting crypto be crypto, that is, stand aside and let the chips fall where they may. Crypto’s opponents largely see it as more an unregistered security than a currency – thus requiring government regulation. We must remember that the greatest beneficiary of the dollar going off gold, was gold, not the dollar. The dollar gained in stature as a means of payment, but it lost stature as a long-term store of value. Cryptocurrency bills itself as a challenger to gold, but it has acted more like a highly volatile security than a currency – something that savers might view as a genuine store of value.


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