Will We See Cryptocurrency Backed by Gold
The need for "intrinsic value" is so widespread that many have questioned why there isn't currently a cryptocurrency backed by gold.
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(Those who are aware of the realities of digital scarcity naturally ask, "Why do you need gold?" It's only one more step, and a costly one at that. The total amount of bitcoin is 21 million. 244,000 tons of gold are there. 15 million tons, or 488k tons
And, indeed, why isn't there a gold backed crypto? We have vaults all over the world that will allow you to buy and sell, and the gold never leaves their vault. Any one of them could create a crypto. Even if it is just to trade the gold in their vaults. But, really, we need something bigger, something with more name recognition and people believing that they will stay honest.
after the banks are discovered. We lose trust in the world's fiat currencies when the corruption is exposed.
Given that fiat is created out of thin air, leads to inflation and conflict, and is gradually strangling everyone to death, it is regrettable that people still have confidence in it. No, that doesn't justify abandoning cryptocurrency. People would abandon the fiat currency after learning that the bankers printed 100 times as much money as they had claimed.
What do we do now that we have lost faith?
There will be some who attempt to create a new currency, both good and terrible.
Furthermore, the majority of people will not believe anything if there is no evidence to support it.
I do think that a lot of people will pick the new "whatever" over almost anything else if it is backed by gold. Gold appears to be the thing right now, but I don't think it will be significant as a backing for very long. (And just take a look at China and all the other nations who discuss establishing money backed by gold.
Does Trump have a job with or for the bankers? The jevvs? IsReal? Putin? We're not sure. Despite the overwhelming proof that he will not oppose IsReal, is he only manipulating them to have a chance to cut them off? Either way, it would appear the same.
One thing is certain: gold will become considerably more valuable as concerns about the soundness of fiat currency increase. And because of this, a gold-backed cryptocurrency will be sufficiently profitable, and there will be enough demand for someone—likely several—to develop one.