Join Bitcoin University Premium:https://www.bitcoinuniversity.comShould Bitcoin Be Backed By Something?https://www.youtube.com/watch?v=E6pGmGESjHw&ab_channel=BitcoinUniversityIn this video, I discuss how any system based on a gold standard contains the seeds of its own demise, and will eventually devolve into paper banking plus central banks.Here's a common example of "gold failure mode":I pay my bank an annual fee to store my physical gold.(If you're really wealthy with physical gold, the only two options are using a bank or creating a small private army, which comes with its own problems).That bank has a competitor that instead lends out its depositors' gold for a fee. This competitor bank is then able to offer a reduced or zero annual storage fee, thus stealing all the business from conservative banks that don't lend out their depositors' gold.Pretty soon you only have partial reserve gold banks, because the banks that didn't do it were driven out of business.If a lot of people ask for their gold at the same time in a context of fractional reserve banking like this, you then end up with widespread bank failures.That's when people decide to create or recreate "central banks" that can bail out or stabilize the banking system.Voila! You've just put your money into the control of very small group of people who will eventually do stupid and corrupt things.Not investment advice! Consult a financial advisor. Peter Schiff on a return to the gold standard:https://twitter.com/peterschiff/status/1293919603308089344New BRICs currency backed by gold:https://watcher.guru/news/brics-currency-to-be-linked-with-gold-says-economistExecutive Order 6102:https://en.wikipedia.org/wiki/Executive_Order_6102I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals. #Gold #Bitcoin Disclaimer Neither Bitcoin University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video, on this YouTube channel, or at www.Trader.University or www.BitcoinUniversity.com (henceforth, “the Sites”) should be construed as such by you. This video, channel, and the Sites should be used as educational tools only and are not replacements for professional investment advice. Trading or investing in new and volatile assets like Bitcoin can be risky....https://www.youtube.com/watch?v=NTkMlggMokc