Gold is the only traditional monetary medium that is not someone's liability, and is free of counterparty risk, but moving gold around is an extremely expensive operational task, fraught with risks. Bitcoin, having no counterparty risk and no reliance on any third‐party, is uniquely suited to play the same role that gold played in the gold standard. It is a neutral money for an international system that does not give any one country the “exorbitant privilege” of issuing the global reserve currency, and is not dependent on its economic performance.
