Hayden Gerson’s articles on Austrian economics and hard currency have been refreshing. It is encouraging to hear a local voice discuss protection against central banks and inflation, rather than promoting popular stocks that can fail spectacularly after the hype fades and brokerages have already been paid.

The central-control angle of his writing underscores a broader concern: cash, after being gradually marginalized for decades, appears to be disappearing more quickly than before. The cancellation of penny production highlights the issue, as businesses will either absorb reduced margins or pass along small rounding costs to customers.

The projected savings — about $56 million annually — are modest in the context of federal spending. For those wary of a debt-based economy and the erosion of financial privacy, Gerson’s emphasis on bullion and small-denomination hard currency, such as silver coins and Goldbacks, resonates.

At the same time, in the digital realm, it is difficult to ignore Monero for its stability, fungibility and potential as an inflation hedge.

Gerson’s example of buying a home with silver brings to mind comparisons to the purchasing power of cryptocurrency. For instance, one unit of Monero purchased for $209 on March 16 of last year would have bought roughly 45 gallons of regular gasoline in San Diego, based on AAA data. At current prices, that same coin would purchase closer to 64 gallons.

While fluctuations exist, Monero’s value has shown gradual long-term growth even as the dollar has steadily depreciated. Its design relies on mathematically grounded principles, and its resilience has persisted despite exchange delistings tied to regulatory pressure in the United States and Europe. A growing community of users has emerged locally, with some San Diego businesses accepting it.

Gerson’s skepticism of cryptocurrency appears largely shaped by perceptions of Bitcoin, whose volatility and evolution into a “digital gold” asset have shaped public opinion. However, newer alternatives aim to address those limitations as decentralized financial systems continue to develop.

While I remain opposed to the disappearance of physical currency and plan to continue using cash and money orders as long as possible, adapting to alternative forms of money may ease future transitions. The question is not whether change is coming, but how prepared we choose to be.

This opinion piece does not provide financial advice. The author slept in on the date of his Series 65 exam and never sat for it again.

Edward Petersen
Oceanside