Gold standard

In hindsight, several particular decisions made in the 20th century created an environment that necessitated bitcoin.

Bitcoin is a return to sound money after the government overreach that led to the end of the gold standard.

To think through how bitcoin will replace the U.S. dollar, we must first turn to the dollar’s own journey in leaving a gold standard.

No, the gold standard did not cause the Great Depression. And yes, a Bitcoin standard is needed today.

How the U.S. succeeded in turning the dream of monetary imperialism into our current inequitable reality, and how Bitcoin offers a new standard.

Just over 50 years ago, Richard Nixon ended the U.S. dollar’s gold backing. In the 50 years since, it’s been clear that we need Bitcoin.

On the 50th anniversary of the fiat dollar, the U.S. is addicted to instant gratification in money printing, processed foods and more.

Instead of impactful decisions about the monetary system, like a bailout or quantitative easing, depending on the perfect honesty and competency of a single individual or small group, Satoshi envisioned Bitcoin as a more robust monetary system.

"I’m interested in what happens when the market crashes and I’m interested in preserving an environment where people can have alternative ideas that might help solve the problems we have. I think that’s what bitcoin offers: an alternative. I want a free marketplace."

During a presentation on digital currencies entitled “Old Money, New Money,” Andy Haldane, Chief Economist and the Executive Director of Monetary Analysis and Statistics...