Bitcoin vs Precious Metals: Venezuelans Choose Bitcoin
I wrote an article a few weeks ago which you can read here:
Gold Bugs Really Need To Wake Up
In my article I described how precious metals will most likely not be the currency of choice in the case of some kind of an economic collapse and how the masses will prefer cryptocurrencies. Adam Meister just made a video interviewing a Venezuelan named Maximo who describes the current horrendous conditions in Venezuela and how bitcoin is a life-saver for many people in that nation experiencing hyperinflation.
When asked if precious metals were being used as an alternative to to cash within daily life, Maximo stated that precious metals are almost non existent, and detailed how the currency of choice is bitcoin. Even compared to the US dollar, Venezuelans prefer bitcoin, as citizens attempting to acquire US dollars often times obtain counterfeit currency and therefore still prefer bitcoin!
You can watch the video below, and the interview with Maximo begins at around 19:25 where he describes how Venezuelans are surviving using bitcoin.
I'm a crypto fan, no doubt about it, but did it occur to anyone that the reason why silver and gold are no where to be found.....IS BECAUSE THEY ARE SCARCE due to how 'lifesaving' they are?
They're scarce because the people who had the foresight to switch their fiat into metal BEFORE the chaos began, are living nice and comfortably, AWAY from all the rioting and looting because they can AFFORD to. An ounce of silver buys up to, if not more than, 9 months of food! The metal holders are keeping their stacks close to their chests.
In Venezuela, if you are caught with cryptocurrency you can/will be prosecuted for skirting the law. Arressted for NOT paying taxes and even for "stealing electricity from the people", because it took electricty to either, a) create it, b) aquire it, and c) use it for whatever service you may need it for. The government is actually conducting raids on mining operations all over the country and locking up the crypto "thieves".
With metals, none of those things are on the minds of their owners. Again, I own both metal AND crypto but when it comes down to it, metal will always be my #1.
I'm not at all complaining about all the profit i've been making off of this crypto BOON!! 😎🤘💵💸💲
If you read my article 'Gold Bugs Really Need To Wake Up' I mention how I'm a silver stacker and believe precious metals are a store of wealth, however, in the world we live in today, they just aren't used as a form of currency and probably won't be for quite some time just because no one really owns them.
I love metals and can't see silver going to zero, where bitcoin could go to zero. Therefore, metals are the ultimate store of value, however, being an objective and rational human being there is a living example happening right now as I write this that this isn't happening. My philosophy is that you should hold both, but barring a complete abandonment of electricity, crypto rules the day when it comes to survival.
As for Venezuelan laws against the people holding or using crypto, they don't care because they are in survival mode. When you're hungry and desperate, you won't give a flying *(?% what your government says.
Thanks for posting, it brings up some great ideas. :)
They are buying crypto because metals are very scarce. Same thing will happen in the USA this summer. First out of crypto into metal, then quickly back when the metal runs out.
Exactly! Listen to what the gentleman being interviewed from Venezuela said. He said "gold is nowhere to be found and if it CAN be found, it's OUTRAGEOUSLY expensive". Plus "the govt has a monopoly on the metals mines". But jusy a couple years ago Venezuelans could have purchased all this stuff with little issue. They could have prepared accordingly, but just like the majority of Americans right now, they were too busy with OTHER non-important things.
It's the SUPER majority. I'm still ridiculed, even though we are mere steps from the fall. Here's the deal, people are actually literally brainwashed. IF you watch TV/HULU and use facebook, good chance you are actually brainwashed, and mind controlled, which limits your scope. I 've seen it with my wife, and it appears to be a control mechanism that puts of walls (open minds are shut down completely, even in the light of truth. It triggers a fight or flight to hear truth that hurts their world view, and that is seen as insensitive, or 'negative' emotionally.
LOL It's gonna be the biggest crash in history, and everyone is blind because of the control.
I may not be popular, but the truth never is.