[1] World Gold Council, “About gold>History of gold>Gold’s role as money.

[2] Michael R. King, Dagfinn Rime, “The $4 trillion question: what explains FX growth since the 2007 survey?”, Bank of International Settlements Quarterly Review, December 2010, at p. 30

[3] Based on January 2,2020 closing gold prices.


[5] Nathaniel Popper, “Digital Gold: Bitcoin and the inside story of the misfits and millionaires trying to reinvent money” (Harper Collins, 2016)

[6] Aaron Hankin, “Bitcoin Pizza Day: Celebrating the $80 Million Pizza Order”, (, June 25, 2019)

[7] Brian Patrick Eha, “‘This is how money should be’: Digital asset pioneer Eric Voorhees”, (American Banker, August 16th, 2017) <>

[8] Paul Krugman, “Bitcoin is Evil” (New York Times, December 28th, 2013)

[9] Based on August 31, 2020 data from

[10] Mira Nagarajan, January 2018; "An Analysis of Cryptocurrency Governance"