Gold soared 15%, Bitcoin fell 1%: Why crypto failed the market stress test

By  Asad Dossani – Financial Express

When crypto currencies first emerged, advocates hailed them as an alternative to fiat currency. Fiat currency is what we all use today. It is issued and controlled by governments, along with their central banks. Crucially, fiat currency is not backed by gold or other commodity. It can be created and issued at will. It can be destroyed at will too, as happened during the 2016 demonetisation of five hundred and one thousand rupee banknotes.