The Flinchum File
Thoughtful Economic Analysis and Existential Opinions

The Real Gold Standard

03/31/2020

Readers know my description of bitcoin has always been  that it is an elegant solution to a non-existent problem.  One of the supposed benefits of bitcoin is that it was a store-of-value during a crisis.  Well, during this crisis, the price of bitcoin has fluctuated over a wide range between $13,208 and $6,320 during the first quarter of this crisis.  On the other hand, gold has fluctuated between a relatively narrow range of $1,578 and $1,304.  Now, which was a more predictable store-of-value?  A 100% range or a 20% range.  I’ll stick with gold!

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