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Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc., CoinDesk Indices or its owners and affiliates.
…and if you’re looking for bitcoin meets Broadway: Crypto is taking the stage in New York City. “Bitcoin Bad Boy,” a comedy by Ben Schiller, runs Oct. 15-25 at the Chain Theatre. The show centers around a family in debt, a coder who wants to build a better world and a memecoin. Learn more.
Gold trading near $4,200 an ounce alongside bitcoin holding around $84,000 has revived a familiar argument: Should investors own gold or the “digital gold” alternative?
For 5,000 years, gold has demonstrated its value as a reserve asset. Bitcoin’s 17-year history offers far less empirical evidence. But the supply of both assets cannot be expanded by central bank or fiscal policymakers. Their shared scarcity thus takes on greater significance in a world awash in debt.
In the United States alone, the federal debt has climbed past $39 trillion. S. now spends roughly $1 trillion a year simply servicing its existing debt, and the outlook is even more challenging for much of the developed world. Currencies often serve as the relief valve for fiscal concerns. S. dollar, for example, has lost roughly 40% of its purchasing power over the past two decades .
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