50 Years Since The Gold Standard Ended, Bitcoin Is Needed More Than Ever
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.Not much can be more satisfying to historians, economists and statisticians than to delve back to a past year or era. When data and research from yesteryear are compared to that of today's world, experts can begin to pinpoint just how meaningful and influential prior events in history became.With regards to the United States, a quick internet search dishes out a handful of mildly interesting facts from the year that was 1971. Aside from little tidbits,....
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Bitcoin is not a gold standard as it is independent, without the intervention of any central bank or government agency. There has been a lot of comparison between bitcoin and gold in the recent times. Bitcoin has been compared to gold in many aspects. In fact, bitcoin is also called digital gold for a reason due to various similarities it shares with the yellow material. However, referring to bitcoin as a gold standard may not be relevant. The gold standard is a reference to the monetary system that was based on the value of gold. While most countries stopped following the gold standard....
A second Bretton Woods era will be even more centralized and even further from a true democracy. Barely 100 years ago at the start of the 20th century, people were able to exchange dollars for gold at their local bank. While gold was too hard to trade between people, banking institutions held gold and gave people cash for it. This was during what was known as the gold standard. Each sovereign currency’s value was determined relative to a fixed amount of gold. However, in the decades ahead, that standard quickly changed.Toward the end of World War II, dozens of powerful people organized a....
50 years ago yesterday, on August 15, 1971, United States President Richard Nixon changed the world with a monetary policy that also led to the creation of Bitcoin. It seems like a stretch, but it all began with the depegging of the dollar from the gold standard. Losing its peg to gold has led the […]
No, the gold standard did not cause the Great Depression. And yes, a Bitcoin standard is needed today.
Xapo CEO, Wences Casares believes that bitcoin detains the much needed potential to become the new gold Standard; he firmly stated this in a video posted by Bigthink. Casares is an Argentinean entrepreneur with many years of experience with internet technologies and the gaming industry. In all these years of activity he gathered an enormous financial expertise. In a video session led by Bigthink, a Knowledge dedicated forum, he tells us about bitcoin and what it could mean for International ecommerce trading. Casares says that Bitcoin may be the most important social experiment going on....