TBF, appreciation has more intrinsic value to a social primate than fiat currency does.https://twitter.com/benjpasek/status/1258047643210723333 …
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I can buy gold with my fiat currency.
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I would also rather have Euros in my pocket than a hypothetical Zimbabwean dollar backed by gold. In both cases currency is based on trust not the value itself. I may present my dollar to the authorities and not get my gold. In fact, fractional lending by banks = gold not there.
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That is why so many banks folded upon a bank run during the gold standard. Far more money based on gold was issued than there was gold to back it up, due to human nature, finance principles and trust.
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