All money is a matter of belief.
—Adam Smith
While Bitcoin makes a compelling case against gold as pristine money, Bitcoin is unlikely to replace gold entirely because of gold’s millennia-long cultural establishment. Instead, a more likely scenario is that they coexist, like television did not replace the radio entirely but only took a share of its market. Given recent developments, it will also likely coexist with national currencies, such as dollars, euros, or yen, as a payment medium. In fact, it is already ...
