Except that it’s not true. The limitations of gold that led to its capture are not the same as those in Bitcoin. In fact, they scale in completely opposite ways. The higher the value transaction, the EASIER it is to settle, send globally, and sovereignly hold. This is the opposite for gold. Not to mention being digital.

In other words, gold HAD to scale to larger and larger more centralized custodians on an explicitly permissioned network. Bitcoin can scale and sustain much smaller ones on a completely permissionless and open network.

Whatever happened to gold that led to fiat, cannot even slightly happen the same way to Bitcoin, even without any change. There will undoubtedly be a “one step back” era of its maturation, but it will look nothing like the system we have come from.