The story that Bitcoin was “digital gold” always looked flimsy. The threads holding it together frayed further as war broke out. Actual gold is proving its mettle, while Bitcoin is withering on the digital vine.
Both gold and Bitcoin are perceived as a “store or value” against inflation. Each benefits from scarcity. If governments depreciate their currencies by running up debts and printing money, the story goes, Bitcoin could serve as a bulwark against inflation and loss of purchasing power—even taking some of gold’s market…
