Church of bitcoin awaits blessing

One way to think about the relationship between gold, bitcoin and the dollar is as a battle between three monetary religions.

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The weakening dollar may reflect declining faith in the system of government-backed fiat currencies that has dominated economic policymaking since the 1970s. Some doubtful investors are returning to the old religion of gold, which has risen by about a third against the greenback this year, touching an all-time high last week of more than $3,500 an ounce. And bi