28 Jul '14, 4am

Gold Bugs Meet Bitcoin Believers to Supplant the Dollar

Gold Bugs Meet Bitcoin Believers to Supplant the Dollar

It’s what you get when you combine bitcoin, one of the world’s newest would-be currencies, and gold, one of the oldest. Add mistrust of centralized authority, a dash of rebelliousness and a dollop of profit motive and you might have the Independence Coin, the first gold-backed crypto-money, unveiled this month at FreedomFest, a libertarian convention in -- where else? -- Las Vegas . “A staunch person who believes in the gold standard says bitcoin is valueless and ultimately a Ponzi scheme , and people who didn’t dig gold but really got bitcoin would say that this is ridiculous, it’s just a dumb metal,” Anthem Hayek Blanchard, chief executive officer of Anthem Vault Inc., the company behind the Independence Coin, said in an interview. “We don’t need to fight. We can coalesce.” Despite the skepticism, bitcoin and gold make a natural match, like kittens and milk. Gold, a stor...

Full article: http://www.bloomberg.com/news/2014-07-28/gold-bugs-meet-b...

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