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Cryptocurrency vs Precious Metals Investing | Gold or Bitcoin?
There are many ways people can protect themselves from the devaluation of fiat currencies. Personally, my two favorites are cryptocurrency and precious metals. It’s hard for me to choose which one I like the best, so I just continue to buy both.
As inflation rises, it will take more and more dollar bills to purchase the same items For instance, in 1950, gold was around $40 per ounce, but now it’s trading around $1300. A can of Campbell's tomato soup was only 10 cents, and today it’s around $2. The can of soup did not change, it just takes more of those dollar bills to purchase the exact same item. If someone was able to save in cans of soup instead of the dollar, they would be rich today.
This is why it is highly important to hold some of your wealth in assets other than dollars or fiat currency. Two of these assets in my portfolio include cryptocurrency, and also gold. Bitcoin was designed to have similar properties of gold, such as a finite amount available to mine. Cryptocurrency posses properties that may actually be better than gold. For example, gold is hard to split up into fractions to make smaller purchases, but this is done instantly and easily with cryptocurrency. Also, transferring gold and other precious metals can be cumbersome and expensive, while with cryptocurrency, all you need is your smartphone to instantly transfer any amount to anywhere in the world.
Many people refer to Bitcoin as ‘digital gold’, but recently, Goldman Sac’s stated that they believe real gold is still the best long term investment. They believe cryptocurrency still faces more security issues, volatility, upcoming regulations and massive competition with over 1000 cryptocurrencies now available today. With such wild volatility swings, Goldman also says that gold would be a better store of value to maintain purchasing power.
Gold also has the advantage of having industrial uses along with monetary value, such as for computers, jewelry or dentistry. The case can be made for both, but I believe so much in both precious metals and cryptocurrency, that I will continue to add each to my portfolio. Bitcoin has already far surpassed the price of gold, and I still think it’s only just getting started.
Cryptocurrency vs Precious Metals Investing | Gold or Bitcoin? [Video]
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Until next time!
Jason G
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