As Bitcoin (BTC) continues to eat away at gold’s market share, the bullion industry is looking to blockchain — the technology first made famous by BTC — to solve its most enduring challenges. How’s that for irony? Someone should really check on Peter Schiff.

Speaking of Bitcoin, a MicroStrategy subsidiary confirmed this week that it plans to buy more “digital gold” through a crypto-collateralized loan. Terraform Labs CEO Do Kwon also ramped up his Bitcoin purchases to provide solid backing for Terra’s UST stablecoin.

This week’s Crypto Biz takes a deep dive into the gold industry and the latest business developments surrounding Bitcoin.

Blockchain has been identified as a potential game-changer for the gold industry, which continues to struggle with supply chain issues that have undermined the integrity of bullion production. The London Bullion Market Association and the World Gold Council are developing an “international system of gold bar integrity, chain of custody and provenance” that’s based on blockchain technology. They even named this initiative the Gold Bar Integrity Programme. Some of the industry’s biggest organizations have already joined the initiative, including CME Group, Barrick Gold, Brinks, Royal Canadian Mint, Perth Mint and Metalor. Even if you can find a legacy financier who’s willing to risk their reputation trashing Bitcoin, it’ll be hard for them to ignore the value of its underlying technology. Oh, the irony!

Related: VanEck says Bitcoin could hit $4.8M if it became the global reserve asset

MicroStrategy’s recently formed subsidiary MacroStrategy has secured a $205-million loan from Silvergate to — you guessed it — buy more Bitcoin. To secure the loan, the subsidiary put up an undisclosed amount of