Will the new monetary order have gold or Bitcoin as its foundation?

In a recent interview, Peter Schiff, the head of SchiffGold and CEO of Euro Pacific Capital, and Saifedean Ammous, the author of the Bitcoin Standard, discussed the value of fiat currency and the characteristics that make gold and Bitcoin better forms of money.

Now, the predicted monetary crisis and the international bubbles could lead to a major financial catastrophe that could result in the global monetary system once again linking paper money with gold.

Under a gold standard, governments will not be able to generate money out of "Thin air" since they will have to raise taxes to collect more gold.

"If you look at how the US government operated under a gold standard you can see that the consumer price index in the 1800s was at 100 and in the 1900s it was at 50. Under a 100 years of a gold standard prices of other goods relative to gold gradually declined. They lost 50 percent of their value under 100 years so you have a rather slow and steady appreciation of value of money."

Moving to gold could be the most likely scenario as some central banks are already stockpiling gold, signaling a major shift from the U.S. dollar.

Ammous sees Bitcoin as the free market alternative to central banks and their monetary measure instead of gold.

The prime minister of Malaysia, Mahathir Mohamad, made a similar proposal of a new currency based on gold that would be more stable than the Malaysian ringgit, helping economic activity in the region.

While the governments move to gold as a "Safe haven" against economic uncertainty, millennials are actually losing interest in traditional hedge assets like gold and are instead opting to hold Bitcoin in their portfolios, according to Nate Geraci, the president of the EFT Store.

"When we talk to our younger clients-we have a core gold allocation in our portfolios, and they'll ask about that and say, 'What about crypto?' And if you talk to, primarily millennials, and ask them which they prefer, bitcoin or gold, it's a landslide. It's not even close, it's like 90 percent prefer bitcoin."

Although it is not possible to determine the direction the market will take in respects to a new monetary order, it seems like the powers of the world are stocking up on gold while the newer generations are leaning towards Bitcoin.