The Significance of Money and Gold Throughout History

Exploring the role of money in simplifying trade transactions and the historical prominence of gold as a valuable form of currency. The chapter highlights how gold's scarcity and durability have contributed to its enduring status as money, similar to Bitcoin's fixed supply cap.

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Transcript

Episode notes

Clay Finck chats with Jim Crider about what money really is, the attributes of good money, why an unstable form of money causes issues in an economy, why gold was chosen as money by the free market for centuries, the history of money in the United States, why Bitcoin has value, Jim’s thoughts on diversification, and much more!

IN THIS EPISODE, YOU’LL LEARN

00:00 - Intro

02:24 - What money really is.

08:59 - The pros and cons of fiat currency and gold as money.

13:50 - Why a money that fluctuates in value can make planning for the future difficult.

16:25 - What are the attributes of a good money?

24:45 - Why gold has historically been a good money.

27:59 - The history of money in the United States.

42:41 - Why Bitcoin has value.

44:40 - Jim’s thoughts on diversification.

And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

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Related episode: Listen to MI120: Bitcoin & Financial Independence w/ Jim Crider, or watch the video.
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