Against the backdrop of uncertainty and declining trust in the current global financial system, we are seeing two very different asset classes experiencing very different fates – cryptocurrencies and gold . Mary Daly, president of the Federal Reserve Bank of San Francisco, has proposed that cryptocurrencies should be considered an independent asset class, rather than a traditional asset like gold. Daly believes that the complexity of cryptocurrencies requires us to deeply understand and define their properties, which may be a currency, a medium of exchange, or a store of value. She emphasized that although cryptocurrencies sometimes exhibit gold-like properties, they are not equivalent to gold.