These Doomsday Preppers Are Starting to Switch From Gold to Bitcoin

These Doomsday Preppers Are Starting to Switch From Gold to Bitcoin

A recent article in Bloomberg makes the point that more and more survivalists – now called “preppers” – are storing “…their wealth in invisible wallets in cyberspace instead of stockpiling gold bars and coins in their bunkers and basement safes.”


Investors seem to be single channeled on this. Meaning, there is a mindset that investment priorities need to be one or another: gold or Bitcoin. But that is the wrong approach. The smart thing to do is both.

I get regular queries these days, should I buy Bitcoin or Gold?

Buy both.

Precious metals have been a form of currency for 5,000 years. That is not about to change. There are centuries of agreement that gold is money. There is some intrinsic value on gold. I would always have some precious metals as both backup insurance in case the next one turns out to be the mother of all crashes and also as a pure speculative investment.

Digital currencies are a long way from full acceptance. But they ebb more and more mainstream every day. It is not out of the question that the time will come that they are as accepted as is a gold coin.

I know, it may sound ludicrous at this point in time, but remember that money is an idea backed by confidence.

Money is what people agree is money. You’ve heard the stories: everything from salt to sea shells have served as money. If this expanding world of zeros and ones dominates the culture in the next generation, Bitcoin or some fast track alt coin could become the basis of exchange.

The rapidly expanding surveillance state could also put a premium on cryptocurrencies.

Me? I cover both bases: Gold, Silver and Cryptos.

John Truman Wolfe

By |2017-12-29T17:53:58-05:00December 29th, 2017|DFN COLUMNIST, Uncategorized|1 Comment

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