On the November 22 show, Mike said that the reason for some sort of cryptocurrency behavior was because of Gresham’s Law.
Colloquially stated as “The bad money drives out the good,” Gresham’s Law applies only to money of the same face value. The classic example of this is clipped coins of the same face value. The coin that is clipped gets spent, and the coin that is not clipped gets kept.
Another example is gold and silver certificates, and today’s FRNs. Gold and silver certificates were, per the writing on them, good for the face value in gold or silver. When they stopped printing these and issued FRNs backed by the “faith and credit of the US government,” people hoarded them.
Another example is pre-1964 dimes and quarters, which were 90% silver. People hoarded those when the coins without any silver came out.