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Will Bitcoin FosterThe Return To The Gold Standard Within Nation States?
I purchased my first bitcoin in August 2013 just under $100 after a 24 hour deep dive into what it was all about.
It took three more years and intense research and contributions from others (along with hundreds of Bitcoin worth millions of dollars today) before I was persuaded that Bitcoin alone is both a unique technological and monetary innovation in the digital world with unique monetary qualities.
Along the way, I found the while many Bitcoin believers think Bitcoin will replace national currencies and destroy central banks few if any, such visionaries embrace gold as money and fewer still understand the gold standard as the innovation of the 19th Century marketplace that enabled The Gilded Age.
This comes as no great surprise.
Very few sound money advocates from yesteryear (known as gold bugs), understood the gold standard or how the money supply was regulated by market forces creating non-inflationary purchasing media through a self-liquidating commercial paper in a period of relatively free-market banking.
The same holds true today.
In 1974 sound money advocate E. C. Harwood addressed this problem and described this 19th Century monetary innovation in his white paper The Lost Art Of…
