Is Gold or Bitcoin the Real Currency? Explained by Expert Analyst

Crypto even analyst Fred Krueger, Bitcoin’in He made a bold statement, claiming that gold was on its way to becoming obsolete in the face of its increasing dominance.

In his speech, Krueger argued that Bitcoin will emerge as the ultimate form of hard money, even though gold enthusiasts and Bitcoin supporters share a common disdain for fiat currencies.

Krueger outlined a historical timeline to illustrate gold’s failures as a reliable monetary standard:

• The Coinage Act of 1792 defined the US dollar against gold and silver.
• By 1862, the issuance of unbacked “Greenbacks” during the Civil War marked a departure from gold-backed currency.
• The Gold Standard Act of 1900 was implemented in the United States, but its global use has fluctuated:
  • Britain abandoned the gold standard in 1914, reintroduced it in 1925, and abandoned it permanently in 1931.
• In 1933, President Franklin D. Roosevelt officially ended the gold standard with Executive Order 6102, requiring Americans to sell their gold to the government.
• The Bretton Woods Agreement of 1944 pegged gold at $44 per ounce, but it collapsed in 1971 when President Nixon ended the gold standard altogether.

Krueger concluded: “The idea of ​​backing your currency with gold makes no sense. Gold certificates cannot be trusted, gold does not travel and is a much inferior form of money compared to Bitcoin.”

Krueger noted Bitcoin’s advantages over gold, calling it a superior monetary system. Unlike gold, Bitcoin can be easily exchanged, stored securely, and transferred across borders with minimal friction.

“Gold cannot travel. It falls into a 5.0 power law almost as quickly as fiat money. Nobody uses gold as a medium of exchange. “This makes Bitcoin Lightning look good,” he said.

Krueger suggested that the United States sell its gold reserves and invest in Bitcoin instead. Echoing the words of Bitcoin advocate Samson Mow, Krueger argued that such a move would initially strengthen the dollar but would ultimately pave the way for Bitcoin to replace fiat currencies.

*This is not investment advice.