I’m reading Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money and one thing that is striking is the rise in the value of the currency. Just five years ago, a guy paid 10,000 Bitcoin for a pizza delivery. That’s nearly $3 million at current rates.
The typical non-gold-backed currency moves in the opposite direction. The BLS says that a $1 item in 1913, for example, would cost $24 today due to what a politician would call “healthy inflation” or “currency debasement” depending on whether his or her party happened to be in power.
What are other examples of currencies that have done something similar to Bitcoin?