From Gold to Bitcoin: Greenspan Advocates for Sound Money Amid Rising Inflation

Greenspan’s Gold Standard Revival

Former US Federal Reserve Chairman Alan Greenspan is making waves once again, suggesting it might be time to dust off the gold standard as Bitcoin prepares to steal gold’s glittery throne as the world’s reserve currency. Remember when Greenspan was the maestro of ‘easy money’? Yes, from 1987 to 2006, he was the guy behind those low interest rates that had everyone popping champagne in the economy.

A Critique of Easy Money

When Greenspan was in charge, not everyone was toasting. Business titan Steve Forbes and others criticized these policies for diluting the dollar, leading to a surge in commodities like gold soaring above their 12-year moving average back in 2004. Fast forward to now; Greenspan seems to have had a change of heart on how a currency ought to function.

Gold: The Ultimate Currency

As he puts it, “I view gold as the primary global currency.” The kicker? Gold and silver don’t even need a signature! These commodities have been playing the field while digital currencies are desperately vying for a quarter in the world of finance.

Defensive Strategies Against Stagflation

With potential hyperinflation on the horizon, Greenspan has taken a hard stance on returning to a gold standard. He argues our national debt could have been kept in check with gold as our guiding star. “We would never have reached this position of extreme indebtedness were we on the gold standard,” he says, channeling a retro sense of monetary discipline. Apparently, fiscal misalignment would make ninjas in the debt department cringe.

The Bitcoin Revolution

As Greenspan evaluates concerns over inflation and monetary policy, the big question looms: can Bitcoin earn gold’s crown? Some heavyweights in the tech world certainly think so. Michael Dunworth, CEO of a financial transfer service, predicts that Bitcoin could potentially leapfrog both gold and the US dollar as the go-to reserve currency within the next two decades.

Then there’s Vinny Lingham, the identity protection guru, who believes Bitcoin could skyrocket to $3,000 this year—cleverly nudging gold aside. With Bitcoin hovering over the $1,100 mark, this might just be more than a pie-in-the-sky prediction. Will 2023 be the year we finally crown a new currency king?