<html><body><div style="color:#000; background-color:#fff; font-family:times new roman, new york, times, serif;font-size:12pt"><div>Getting back to my original point, before all this mumbo jumbo about a supposed Moore's Law for gold supply or demand:</div><div><br></div><div style="color: rgb(0, 0, 0); font-size: 16.363636016845703px; font-family: 'times new roman', 'new york', times, serif; background-color: transparent; font-style: normal;">Perhaps it's only a coincidence, but since about mid-June, bitcoin has traded like a genuine gold-backed currency, which is more or less what it is designed simulate. </div><div><br></div><div style="color: rgb(0, 0, 0); font-size: 16.363636016845703px; font-family: 'times new roman', 'new york', times, serif; background-color: transparent; font-style: normal;">All other things being equal, when the dollar declines in value, it takes more of them to buy an ounce of gold. <span style="font-size:
12pt;">Bitcoin declined when the dollar rallied and rallied when the dollar declined.</span><span style="font-size: 12pt;"> </span></div><div><br></div><div style="color: rgb(0, 0, 0); font-size: 16.363636016845703px; font-family: 'times new roman', 'new york', times, serif; background-color: transparent; font-style: normal;">Gordon</div> </div></body></html>