Bitcoin offers accountablity and honesty.
Gold is a tangible asset, but difficult custody issues, easily confiscated and historicaly manipulated by government.
The USA gold reserve is about 8000 tonnes, or roughly 400 billion $.
The US federal reserve is leveraged to the tune of 250+ trillion $. Making the USD a joke as the world is edging toward a return to a gold standard.
Question: can bitcoin resolve the honesty and accountability issues which haunts gold transactions?
If so then 1 Satoshi to equal 1 ounce of gold seems realistic...
Which would translate to 1 Bitcoin equals $150,000,000,000.
Is this so crazy?
Actually the problem is more fundamental than that. Doesn't matter if you "back up" the USD with more gold, or go back to pre 70ies gold standard. Do you honestly think the State would, under any and all circumstances, fulfill their
promise? Do you think if every US citizen back then went to reclaim their gold for their dollars, they would have actually had them or willing to give it? The whole "coin backed in asset" idea is flawed in the first place, it think breaking with it was more honest.
You say they have 8000 tonnes, did you yourself went and audited that? Are you sure every single ingot is pure gold and not tainted? Are they in perfect condition, all same weight size whatever? Sure trust a third party to certify that, everyone has to "trust" someone at some point.
Bitcoin is based in a trust-less model, you don't have to trust anyone. There is a source code, it follows that, period.
Going back to a gold standard? I don't think so. Main problem i just explained to you, and perhaps there is not enough gold to back everything anyway, they would resort to fractional reserve, so in short it would be going back to lies, just bigger lies.
Yes some countries want to end the USD supremacy, because it gives a terribly unfair leverage to the USA, they can print some more money than others without being caught. But make no mistake, all fiats are in the same "basket", its just that a few are managed better than others. In the modern world, the backing of each fiat is the economy they represent, no assets in a vault nobody is allowed to see, ever (the vault might as well be empty fwiw).
Federal Reserve? Pff. Want to sanitize the economy? Kick the Chicago boys and summon the Austrians, first thing they'll tell you is to close that and eliminate fractional reserve banking (which is the only reason Central Banks exist). They also want to end fiat and go back to gold, unfortunately actual gold can be tampered. That is the beauty of Bitcoin, no one can fake it. Bitcoin and the Austrian proposals fit very well together, even is some Austrians don't think that way and stick to the original idea of using actual gold as money, because they haven't grasped Bitcoin yet.
Do note there is a huge difference in using gold directly, than a paper that claims can be exchanged for gold. Because the latter, is a promise, that is supposed to be fulfilled by someone, again, the trust model. Trust your government? Your bank? Your company? To redeem those? Hope they never go broke, or a revolution sweeps them away...
Do you think your bitcoins would lose value if a revolution happens where you live? Now think about your national currency. Can you spot the difference yet?