Gold is dead, long live Bitcoin
https://ift.tt/KHMmk4j
*War, food shortages, supply chain crisis, rental/housing crisis, inflation popping off, Russia defaulting, China lockdowns, climate change disasters, the pandemic. The money printer is turning off, the stock market is out of steam and we are headed for recession.*
In previous financial economic downturns like the GFC of ’08, the ‘safe’ money has traditionally moved their assets into something physical (or it’s value tied to something tangible) like Gold or the Australian housing market, to save their equity from crashing with the rest of the stock market.
However, during the Global Financial Crisis and as the Chancellor was on the brink of a second bailout for banks, Bitcoin, a tier 1 civilization ([kardashev scale](https://ift.tt/5REzoPq) decentralised economic system was born. A hypersecure, uncopyable, valuable digital asset that could be transferred to anyone with a personal wallet and an internet connection. The next great leap in the economic system. Magic Internet Money.
In the past 11 years, adoption as exploded. Developers are building technology on top of it (lightning network for example) to make it even easier to use and transact with. We are now seeing nations adopt cryptocurrency in a move away from Fiat and the US Dollar. Most nations wanting to retain a semblence of control on its financial power will mint a CBDC but nevertheless, a step towards cryptocurrency.
When the stock market crashes and you’re thinking about where to keep your hard earned money safe, don’t throw it into old-world gold where the price is manipulated. Don’t throw it into investment funds where executives will take a cut of your investments and pour it down their gullets. Don’t store it in short term bonds as the money printer has run too hot for too long.
Store the value of your labour in digital gold. Protect your savings in Bitcoin.
Cryptocurrency
