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RE: Are Cryptocurrencies Really a Threat To The US Dollar? By Gregory Mannarino
I think cryptocurrency could be a reserve currency in the way gold currently is. Gold does not officially back our currency, but every central bank holds some for several good reasons. It is a store of wealth, it is rare, and it doesn't decay. Bitcoin fits that perfectly.
The only possibility that it will not work as an unofficial reserve currency like gold, is that there is really nothing stopping competitors from creating a better bitcoin. The market will eventually be flooded with all kinds of coins. And which one to hold to ensure the value stays steady? This is the advantage that gold holds, no new element is going to pop up and replace it. All of physics stands against something like that happening.
A lot of people are trying to say bitcoin will replace gold or gold is the only way to preserve your wealth...why not have both and diversify. Decide what your ratio will be and go by that. I like both and have put money into both. No need to go all in to one or the other. Anyway, my 2 cents.
yea but i'm seriously thinking about selling my stagnant gold for a better performer that is subject to much less manipulation.
VERY TRUE stevenw4455! I got both & SILVER (the real one ---> physical!) you will never know exactly the future that's the reason you MUST diversify in real money (not fiat based currency assets)
Silver all the way
Cryptocurrency will trump any gold back government issued currency. Would anyone trust any government that claims they will back their currency with actual gold if they don't allow people to redeem their paper for the physical metal? The problem with gold and silver are that their markets are heavily manipulated. People won't ever trust this kind of market. Gold and silver will survive as stores of value outside of the system only to dodge taxes. Goldmoney will increase in popularity, but people will be sick that the value of their gold remains heavily manipulated to the downside and will be left wondering: when will this increase relative to the amount of paper actually printed? Because of this, they will pour into cryptos when the next crisis happens. Crypto will survive with tiers: premium coins for people that got in very early, mid grade coins, and low tier coins for very late market entrants.