
The Pomp Podcast Economist Explains Why Gold Is Beating Bitcoin | Bob Murphy
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Jan 28, 2026 Bob Murphy, Senior Fellow at the Mises Institute and chief economist at Infineo, brings an Austrian-economics lens. He explains why gold has outpaced bitcoin, dives into Fed politics and its market influence, and examines tariffs, stablecoins, and how economic data can be interpreted.
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Gold Versus Bitcoin As A Safe Haven
- Gold acts as a time-tested refuge when existential uncertainty rises and people panic.
- Bitcoin offers convenience and future promise but may not serve as the first-run safe haven in extreme crises.
Geopolitics Fueling Gold Demand
- Rising multipolarity and rival powers drive central banks to diversify into gold.
- Perceived decline of dollar hegemony pushes official and unofficial gold accumulation by nations like China and Russia.
Fed Power And Political Tension
- The Federal Reserve wields extraordinary power via its huge Treasury holdings and balance-sheet tools.
- That power makes coordination with the executive branch politically charged because debt financing depends on Fed accommodation.
