The developed world had an international gold standard from 1815 until the outbreak of World War I 1914, which was the greatest period of economic growth in recorded history.

Fiat currencies are based on coercion, rather than voluntary market relationships; a central authority is required that has the power to eliminate competing currencies, i.e., to establish a monopoly. In 1933 the USA made gold bullion and coin illegal.

After 1933, private contracts written in terms of gold were to be paid in paper currency instead of gold in spite of their explicit mention.

“Deficit spending is a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.” ~ Allan Greenspan 1965

For the past century, technology has increased the ability of the state to monopolize the currency. That trend is not a natural law. Cryptocurrencies are a historic move in the opposite direction.

Hayek advocated a system of private currency where financial institutions create currencies that compete for acceptance. Through experimentation, several alternatives arise, which could include including crypto, gold AND fiat. The key is free entry and free choice.