Bitcoin has replaced gold as a safe haven Most people love gold. It is simply an emotional commodity where there is a deep-seated allure and lust.
Gold used to be money and it was great money for its times. It was one of the few resistant, standardizable, rare things that was any good for storing value.
In a primitive world gold is great as currency; its only drawback being its high value. That was where silver and copper stepped in and filled the gap.
However, it wasn’t long before paper and credit took over from metals and a promise even when it hasn’t been as good as gold has ruled money as the main source of wealth and transaction far back into history. That doesn’t stop gold’s modern fan base believing that gold should once again be the basis of our monetary system.
It makes sense for them as they own some and remonetization would shoot gold to the moon faster than any crazy cryptocurrency. Yet back in the 19th and early 20th century, industry and society was crucified on a cross of gold, as the anti-gold standard people would have it and it took the First World War to kill gold as money for much of the world, and the great depression in the U.S. to see it out of people’s pockets and into government reserves for good. Read more from forbes.com…
thumbnail courtesy of forbes.com