Coinbase Global Inc (COIN)

[Zilidium]

In the modern era, backing a currency with a single commodity (gold) is seen as less practical due to the complexities of global economies, the need for monetary policy, flexibility, and the challenges of maintaining adequate reserves to support the currency in circulation. Many economists, would argue that returning to a gold backed system would limit economic growth and lead to deflation. 6.3 billion ounces (one estimate) of gold have been removed from the earth (in all history), at today's prices ~$2200 that would put all the gold in the entire world worth slightly more than 14 trillion ($14,067,312,644,231.22). So it seems that if the gold standard were to return, we would experience a bit of economic deflation,

Moreover, with the rise of digital currencies and assets, there's a growing interest in exploring new forms of value backing. However, these ideas are still in the exploratory phase and come with their own set of challenges and uncertainties.

Could crypto be considered suitable for backing a currency, it should ideally have the following characteristics:

Stability: The commodity should be relatively stable and not be prone to extreme fluctuations.
Scarcity: It should be rare enough to be valuable but not so rare that it's not accessible for the purposes of backing a currency.
Acceptance: The commodity should be widely accepted and recognized for its value.
Durability: It needs to be long-lasting and not prone to deterioration over time.
Divisibility: The commodity should be easily divisible to facilitate transactions of various sizes.

one day, maybe.