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From Gold to Bitcoin?

November 22, 2017 By Philip Barton

Wednesday

https://www.bloomberg.com/news/articles/2017-11-20/can-bitcoin-survive-an-apocalypse

The naïve views expressed in this article are disturbing.

Bitcoin better than Gold after a social breakdown?  Yes, a non-government controlled currency is a good thing, but bitcoin is not money.  It is just a medium of exchange – a very unstable and difficult to use one.

No trader wants bitcoin; they just want the dollars that they can exchange them for.  What will bitcoin’s acceptability be when dollars become worthless?

Who will exchange Gold (or its silver surrogate) for bitcoins under those circumstances?

Absolutely no one, that’s who.

Gold is money.

After a breakdown, should it happen, only money will matter.

Filed Under: Philip Barton Tagged With: bitcoin, dollars, gold is money, medium of exchange, silver surrogate, unstable

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