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J.P. Koning, a CoinDesk columnist, worked as an equity researcher at a Canadian brokerage firm and is a financial writer at a large Canadian bank. He runs the popular blog.
is often described as digital gold. If bitcoin is to be the next version of the yellow metal, then 2020’s gold market may have plenty to teach us about what bitcoin will be like in 2030.
While each molecule of gold is physically the same, not all gold is economically the same. The gold market is effectively a two-tiered system. At the top of the hierarchy is gold housed in a carefully walled garden in London. Everything else that doesn’t meet London’s strict standards – the second-rate gold – is held outside of the City.