Same question more precisely : how and why transitioning to a bitcoin standard would make us return to the old system you describes ?
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because the old system was based on the Gold standard which is sound money.
and Bitcoin is a sound money system. So the world will run on sound money again.
The fiat system which is not sound money will die.
Thank you. But this would require to end or seriously limit the abbility to use fractionnal reserve. And how would bitcoin do that ? As long as there are major financial institutions with enough trust from people, I see no limit in loans. (Micro)Strategy could one day lend 100x their bitcoin reserve in any new bitcoin-backed coin. Or I am missing something ?