Nixon Unshocked: Back to a de facto Gold Standard

President Nixon removed the dollar from meeting onerous obligations to gold in a surprising and unexpected decision, now known as the Nixon Shock of 1971.

A previous blog Bank on it, writes of political money problems; the implication being banks who create money — not to be confused with central banks — could welcome a Bitcoin gold like standard once understanding how their operations become easier and their legal tender much more predictable as a result.

Bitcoin as a new gold like standard can mitigate (if not eradicate) the mediation inchoate in today’s currency — and central banks could be lobbied by the industry, on that basis, in adopting Bitcoin as a superior value trend.