Do We Need Bitcoin For What It’s Become?


A decentralised currency is a wonderful democratic concept, and you can debate its advantages over fiat currencies all day and night.

But the harsh reality is that no government, no matter how democratic, will relinquish authority over legal tender.

Consider gold. It is the world's oldest money and is still in use today.

Even after fiat currencies supplanted it, it remains one of central banks' most important reserve assets and by far the most popular alternative asset class.

Nonetheless, whenever gold threatened to deprive the government of its ability to control money, lawmakers promptly intervened.

The country was in the grip of the greatest financial crisis in history in 1931.