Bitcoin has a reputation of being the young man’s gold: It’s scarce, there’s only so much of it, and it’s decentralized too. But no one ever fought a war over Bitcoin. And you can’t hold it.
Perhaps that’s why Costco can’t keep 1-ounce, 24-karat gold bars in stock (the chain is apparently selling $200 million worth per month)—and it’s being sold by the gram from vending machines in Korea, Suzy Weiss reports.
“People are starting to feel the bullshit of dollars,” Ephraim Rinsky, a 37-year-old product manager at a tech company who’s also taught economics and statistics, tells The Free Press. “There’s something about gold that hacks us. It’s been in all of our literature for millennia. There’s something fundamental about it.”
But why are people suddenly diving into what’s been dubbed the “precious metals rabbit hole”—a currency hop that financial advisers tell The FP has their “gold bug” clients carving out 3 percent of their portfolios for the shiny karats?
Read “The Great Gold Rush of 2024” at TheFP.com: