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Alasdair Macleod: The debate between gold and bitcoin in 2023
By Alasdair Macleod
Friday, December 9, 2022
The FTX scandal has thrown the future of cryptocurrencies into doubt. Supporters of bitcoin, which has proved to be remarkably robust at a time when the whole cryptocurrency ecosystem is threatened by scandal and systemic collapse, are still asserting that it is the future money.
This article addresses a number of issues that next year will make or break bitcoin's claim over gold. Besides the interest of governments to prevent bitcoin having any monetary role, hodlers ignore the legal status of gold as money, and the different treatment likely to be accorded to bitcoin in criminal law. Furthermore, bitcoin bulls are mainly speculators hoping for a profit measured in their fiat currencies.
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This is not to deny bitcoin's virtues: only to question its monetary future relative to gold at a time when the period of declining interest rates, which played a large part in fuelling the cryptocurrency phenomenon, appears to have ended. Furthermore, the financial considerations in the geopolitical context center on the dollar's relationship with gold, leaving cryptocurrencies as wallflowers in the financial conflict between East and West. ...
... For the remainder of the analysis:
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