Experts presenting at the Bitcoin Mena Summit in Abu Dhabi on Monday said that the ease with which Bitcoin can be exchanged without a middleman may make it the “new gold.” Although they acknowledged that Bitcoin had numerous advantages over conventional currency, they cautioned that a number of obstacles prevent it from being widely used as a global payment method.
Author Saifedean Ammous stated, “I think gold is better money than pretty much everything that has ever existed, except for Bitcoin.” It does, however, have a fatal flaw: in today’s digital economy, transferring it across borders is extremely costly and complicated, requiring the use of centralized services.
Rahim contends that governments and individuals were to blame for gold’s demise rather than its inherent failure. He emphasized that because gold was simple to measure and confirm, merchants initially used it as currency. However, the system was disrupted when governments attempted to freeze the ratio and nations attempted to impose fixed exchange rates between gold and silver. He stated, “We know as economists that prices are never fixed.” “Volatility is a constant.”
He claimed that because individuals could exchange only paper money for large gold bars, subsequent gold standards made matters worse. As a result, governments and large banks gained control of yellow gold, as ordinary people were unable to purchase the bars.
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