Could the gold standard make a comeback and what would it look like today? Can the introduction of new technologies help take the gold standard to a new level? This was discussed by renowned economist Peter Schiff during the recent London Blockchain Conference.

Schiff opened the final day of the conference by talking about taking the gold standard to a new level by incorporating it with blockchain technology. He noted that the US has a dramatic debt problem and is currently running an average deficit of more than $2 trillion a year and that this has been exacerbated by a currency which is no longer pegged to gold.

He added that inflation is likely to spiral upward in the coming years and that this could upend the current monetary system as the dollar could potentially lose its status as the global reserve currency.

To address these and other issues, the US should readopt the gold standard going forward and one of the ways that this can be achieved is through blockchain and Bitcoin, he said. ‘With blockchain, you now have a monetary system that is far more capable than the monetary system you had before moving away from the gold standard,’ he said.

Schiff added that this does not necessarily need to be driven by the government but could first be driven by the private sector as has historically been the case.

TroyMoney and it’s gold offering

One BSV blockchain company which is currently working with gold on the blockchain is WorldVest. In July 2023 the company announced the launch of TroyMoney which aims to tokenise vaulted gold and other precious metals on the blockchain.

TroyMoney allows vaulted precious metals including gold, silver, platinum and palladium that possess a real intrinsic value to be easily divisible, fungible and portable and allows these metals to be held not only as a real store of value but as a direct payment for the purchase of goods and services, aka money.

‘Recently, the overall global demand for gold and other precious metals has risen due to global market volatility and geopolitical instability pushing investors to gold and other precious metals for capital preservation and a real store of value driving global demand with many predicting a future of over $3,000 per troy ounce,’ said WorldVest Chairman, Garrett K. Krause.

‘The opportunity to launch this project using Tokenized smart contract protocol on the BSV Blockchain, which follows the original Bitcoin Whitepaper by Satoshi, allowing for stable, scalable, secure, safe and instant economic transactions that other blockchains struggle to deliver. Further, as we integrate the BSV wallets, TroyMoney is enabled to be transferred peer-to-peer, like a gold Venmo, and for an efficient micropayment to a merchant for the purchase of a coffee.’