I did it.
I have melted all my gold into a roach clip for my premium cigars and decided to sell my cat and wife in exchange for a partial share of a Bitcoin.
Gold is over.
Digital money is king.
Can y’all quit hating on me now?
In all seriousness, this is not a “crisis” as some of the old timers have been pronouncing over and over again, myself included to some degree. In reality, with Bitcoin topping $61,000 per coin, yeah, I feel like a fool not recognizing that we truly live in a completely irrational political and financial era.
It seems like only yesterday that CNBS was screaming this headline:
That story was from November 18, 2013, “oh” by the way. Yeah, don’t feel bad, I missed that rocket ship also. Of course that doesn’t top this gem from the old CNNMoney:
So now that the new, modern digital era has been declared by the crypto world and some financial wizards who missed out on the early days of the crypto boom as I did:
Yup, us old precious metals guys are fools. We blew it. We honestly thought that gold would get to $10,000 per ounce before any cryptocurrency would. Being wrong doesn’t always mean that us old guys were not “right” however; it just means we are wrong for now.
The debate now is no longer just about investing via gold and silver, thus that is a discussion for another time.
In the interim, remember that the con men who broadcast daily on cable financial television and in the offices of your local bank branch are out to profit off of your financial ignorance. There is no physical instrument, company, or government backing Bitcoin or any other existing free wheeling digital currency. Any government, as China demonstrated years ago, can force you to turn over your fortune or divest your interest in it as they have the force of the military and law enforcement on their side.
If you don’t believe me, try not paying your taxes and publicly denouncing the IRS (good luck with that).
Eventually, as with everything else in history, when the government sees the opportunity to seize what they perceive as an ‘ill gotten” gain through their narrowly defined lens of right and wrong, your digital assets can and will be seized; not the “coins” per se, but you and every other asset you own, especially your freedom, until you turn that key code over to them allowing access to your trading account and crypto assets.
In the mean time, enjoy the rally to maybe up to and well over $100,000 and smell the flowers.
Or as was once might have been said in history:
Op je tenen door de tulpen lopen