Pretty decent explanation of what happens when an old money loses ground to another.

When the writing is on the wall, people trip over themselves to exit the depreciating currency (silver, fiat) in order to get their hands on the appreciating one (gold, #bitcoin). The fight in the 1870s was over veeeery fast.

Worth thinking about.

#econstr #reading #money #goldstandard #monetaryecon #transitions #gold