Anything else would amount to an inefficient barter system, which is why international monetary networks tend to converge on one thing as dominant money at the base layer.

Previously, the dominant base layer money was gold. Today, it's the US dollar and Treasuries. In the future, I think it will either be Bitcoin or gold.

Over the long term, billions of people through trillions of transactions—in other words, the free market—will ultimately decide whether gold or Bitcoin will win.

I am all for free-market competition in money.

I say let the best money win.

In a recent article, I analyzed the ten most decisive monetary attributes and examined whether gold or Bitcoin has an advantage. The table below summarizes the results.

Bitcoin wins in 6 out of the 10 categories, including hardness (resistance to debasement), which I believe will be the most decisive factor.

While gold has an advantage over Bitcoin in durability, that advantage will only be relevant in the case of an inescapable, global return to the Stone Age that lasts into eternity. Such an unlikely outcome is not relevant to investment decisions today.

Gold also has a fleeting advantage in liquidity, fungibility and privacy, and recognition. However, Bitcoin is eroding those advantages every day.

If current trends continue, I believe Bitcoin will overtake gold in these categories in the years ahead.