Bitcoin’s new competitor to be backed by gold | The Optimist Daily
Today’s Solutions: July 16, 2024

Digital currency Bitcoin has blazed a new trail away from the established monetary system. In its wake, metals and technology company Anthem Vault is to launch the Hayek on May 25. The new cryptocurrency will be valued at 1 gram of gold at the day’s market price, serving “as a more secure store of value than Bitcoin,” the company claims. In fact, the Hayek may be a more secure store of value than most real currencies out there, since the Gold Standard has been abandoned since the 1970s. Free of national boundary constraints, the Hayek may benefit from most cons of a gold-backed currency without the downsides. The question of whose gold is anchoring the Hayek’s value, however, is an intriguing one.

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