Post
Topic
Board Bitcoin Discussion
Re: Take a look at the future of Bitcoin from the gold standard system
by
odolvlobo
on 26/07/2021, 01:58:55 UTC
I believe that there are two reasons why the gold standard failed:

1. The primary reason for the failure of the gold standard is that governments discovered that they could spend as much money as they wanted by switching to fiat. They were no longer limited by the amount of money they had.

2. Gold has limited portability and divisibility.

Bitcoin only fixes #2, so I don't believe that governments will voluntarily switch to a Bitcoin standard. It will take a failure of their currency and a potential reliance on another country's currency to get them to switch.