Frank, like all other Goldbugs, misses step 2.5
Step 1…print money to buy gold
Step 2…revalue gold to a much higher price
Step 2.5…You’ve just made all of your competitors like China, Russia, India etc who are sitting on a shitton of gold in their vaults, let alone massive untapped deposits, that much wealthier
The only way a gold revaluation works is to do it, and then immediately dump it and pump the Bitcoin stack. First half you do super loud, second part as quiet as possible.
Step 3 then becomes peg to #Bitcoin
Personally I don’t want this to happen and I still thinks odds are low, but if a gold revaluation does happen in the next 12-18 months then this is how I expect it to play out. Goldbugs will mock Bitcoiners and feel vindicated for a few weeks/months and then get massively rugged as it’s value collapses to that of industrial use commodity and Bitcoin moons permanently.
The US wants to dominate the global (as much of the globe as possible at least) financial system and they’re simply not positioned to do that with gold, they don’t have nearly enough control, and they’re going to pull back from policing the entire world making it far riskier for gold-backed international trade.
That last point is the biggest thing everyone ignores - they project the current status quo into the new scenario and fail to account for the US Navy now only protecting the US security sphere (those under the dollar umbrella) rather than the whole globe, and the amount of piracy that would ensue.
