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Hearkening to Hayek: How About a Free Competition Between Bitcoin, Paper Money, and Gold?

After all, the marketeers have taken to picturing Bitcoin as a gold-colored coin.

Karolina Grabowska via Pexels.com
Modern forms of currency, including gold-colored representations of Bitcoin. Karolina Grabowska via Pexels.com
ALEX J. POLLOCK
ALEX J. POLLOCK

That object of volatile speculation, the Bitcoin, is not a physical coin or any physical object at all. It is certainly not a gold coin and is not redeemable or backed by anything, let alone gold coins. Yet it is endlessly pictured in press illustrations as a gold coin with a “B” stamped on it.

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ALEX J. POLLOCK
ALEX J. POLLOCK

Mr. Pollock is a Senior Fellow at the Mises Institute, the author of 'Finance and Philosophy--Why We’re Always Surprised' and co-author of 'Surprised Again! The Covid Crisis and the New Market Bubble.'

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