Bitcoin

[slang]

Originally Posted by Clodfobble

It's also important to remember the 40-ish years when gold was illegal to own in the United States.

Good point, Clodfobble.

Tricky Dick took the dollar off the gold standard some time in 71, IIRC.

Before that disconnect one wouldn't need gold since a paper dollar was effectively gold. It was backed at some ratio to gold.

There were exceptions for jewelry but digging a big hole somewhere in your backyard to bury bullion wasn't even possible. The US gov't had the bullion gold in vaults.

Gold wasn't available to the public again until sometime in '75(?) because it was technically no longer money, it was just an element. The dollar was backed by the full faith and credit of the US. An individual didn't have the FFAC so they wanted gold bullion and started buying it.