 Our next question comes from Rick and Rick asks, How would Bitcoin be affected if major economies went back to the gold standard, hypothetically speaking? If magically all countries returned to the true gold standard banking as before 1914, how would Bitcoin be affected by this? Notice that what Rick's talking about when he says the true gold standard before 1914 is different than the dollar-immediated gold standard up to 1971, which involved convertibility of dollars only and everything else floating against the dollar. So what would happen if all countries suddenly decided magically to go to the gold standard? Well, this is an interesting hypothetical. What would happen is, well, first of all, they couldn't go to the gold standard with their current currencies. And the reason they couldn't go to the gold standard with their current currencies is because they would have to establish a market price for their current currencies that depends on actual gold reserves, audited gold reserves that they have in their vaults, which in most cases would require them to massively shrink their economy. And at the same time, erase a very large bucket of debt. So it would be a debt jubilee at the same time, which would have who knows what kind of consequences. All the money in the world becoming suddenly sound money overnight, hard money, and being tradable at gold exchange prices would obviously change international trade quite substantially. But I honestly don't see any scenario where that happens, because no country is motivated to relinquish control over their monetary policy and their ability to create debt and debase their currency in order to create this gold standard. So I can't see anybody doing it. If anything, we're going in the opposite direction. Even countries that previously had much stronger ties to gold reserves like Switzerland have in the past weakened those over time and ended up debasing their currency. So if anything were going in the opposite direction, what would happen in that case? Well, the interesting thing that would happen is that Bitcoin's price would probably stabilize really, really fast because it would be traded against currencies that are not floating based on free printing of money, but would themselves be effectively pegged to a hard currency like gold. So I think Bitcoin itself would really be quoted not in terms of US dollars or whatever national currency, but in terms of Bitcoin per ounce of gold. That would make more sense since that would make it convertible into any other currency in terms of pricing power. Other than that, I can't really predict. That's an interesting hypothetical. It has somewhere between zero and 0.0001% probability of happening in the next few years. That's as far as I'm going to predict. That's as far as I can go. One more thing. One of the problems with going back to the gold standard is that gold has until now being a scarce resource primarily because the ability to mine asteroids that have billions of tons of gold in them is fairly limited. But with the development of space exploration and private space companies over the past decade, that is no longer such a certain thing. Imagine if you did actually create a situation where the value of gold went up dramatically because it became the reserve again for all other currencies. What would happen next would be you would have the right price characteristics to heavily subsidize the exploration of asteroid mining for gold. And of course, if you pull in one asteroid, the shock that would cause to the price of gold by increasing, its supply dramatically would be quite spectacular. So what we think of gold as a scarce metal in universal terms, it's not scarce. It's scarce on the surface of this planet, but it's not scarce in space. Therefore, what might happen which is interesting in Bitcoin is that Bitcoin would then be the truly scarce thing because you can create digital scarcity that cannot be violated by finding an asteroid full of Bitcoin. If you enjoyed this video, please subscribe, like, and share. All my work is shared for free, so if you want to support it, join me on Patreon.