- Think of gold, diamonds and currency notes.
- True, bitcoin has a reputation to deal with – after all it is the currency of the Dark Web and the criminal underground.
- But, it is also rumoured that the 500 euro note was created to compete against the dollar in the underground cash economy.
- If you want a currency to be taken seriously, then it needs to compete in the ‘hard cash’ economy – and that means the wealthiest individuals and the criminal economy – those with cash to stash.
- From dark net to clear net
With the international underground economy becoming digitised and the inherent security of bitcoin, perhaps its future glitters more than gold, and in a world where there is talk of another economic shock on the horizon and rumours that there is more paper-gold than real gold will the next rush to safe harbour currency investments see cash rich individuals bolt from bullion and dash to bitcoin?
For something to have value its supply must be limited and it must be difficult to forge. Think of gold, diamonds and currency notes. All these things have value because the supply is controlled and they are hard to come by.
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