Page 1 of 6 123456 LastLast
Results 1 to 10 of 55

Thread: Bitcoin versus gold, you need THIS during outbreaks like coronavirus - analyst

  1. #1

    Default Bitcoin versus gold, you need THIS during outbreaks like coronavirus - analyst

    Bitcoin has risen 48% since the start of 2020, far outperforming gold, and this may be due in part to the coronavirus, said Clem Chambers of Investorshub.com, who considers the largest cryptocurrency to be the “flight asset of choice”.
    “Bitcoin is now proven to be of use, because you can buy it and turn it into fiat very, very quickly and very, very easily international. So, if you had to make plans quickly, as a lot of people in Asia I’m sure are worried about being kettled in their cities, not just in China, you’d want to have the ability to take $100,000, $200,000, a million five million dollars worth of assets abroad with you,” Chambers told Kitco News.




  2. #2

    Default

    Yes, Bitcoin is up 48% this year and could fall just as fast or faster. Yes it is portable, but how about you port $1MM, move to another country and it drops 10% over the weekend? Or how about the power goes out? - Oops no Bitcoin. I get what he is saying and I have considered it as far as moving money. Very risky in my view and with a relatively short track record 11 years vs thousands of years for PM's.

  3. #3

    Default

    If Kitco only knew how much credibility they lose giving these biased clowns a forum..

  4. #4

    Default

    Crypto currency is a brave new world's dream; fully tracked, far from anonymous despite false claims to the contrary, no intrinsic value, and grid dependent. If you want out of the beast system, precious metals are the only way. Cryptos on the other hand lock you in. I don't feel safe in 3rd world countries where I don't have rights. I barely feel safe in my own country, but at least I can pack heat here. Why would I want to take large sums of money where I can't pack. I don't even feel safe in airports where the TSA takes your rights away. Travel isn't on my agenda, and the coronavirus doesn't sway me one way or the other. If I were travelling I'd just do what I do here. Visit ATMs and take out the maximum every so often. As much as the too big to fail banks are a scourge, it's not like I have to pay them any money to use their services. Cryptos serve a convenience if you want to bug out abroad, but I'm going to take care of my community no matter what happens.
    Trading fiat currency for precious metals is not an investment. Rather, this amounts to disinvestment from currency mandated for tax purposes. Gold and silver are money. Currency is merely a medium of exchange.

  5. #5

    Default

    Quote Originally Posted by Silvermedicine View Post
    Yes, Bitcoin is up 48% this year and could fall just as fast or faster. Yes it is portable, but how about you port $1MM, move to another country and it drops 10% over the weekend? Or how about the power goes out? - Oops no Bitcoin. I get what he is saying and I have considered it as far as moving money. Very risky in my view and with a relatively short track record 11 years vs thousands of years for PM's.
    I agree. However I always find it pretty useless to say because something has been used for thousands of years makes it a great option for todays purposes. Gold has also under performed for those years. I have owned gold for MANY years and it's been the worst investment I've ever had, even at these high prices. So anyone saying it's been around thousands of years should note it's also been a horrible investment.

  6. #6

    Default

    I don't consider crypto to be a secure or reliable store of wealth. As was stated, it is VERY portable, even in large quantities. If someone were in need of moving a large amount of money from one geographic area to another, crypto does provide the ability to travel lite. Then again, so does a wire transfer. As long as "the system" is still working and power is still on, these are viable and convenient options.

    crypto is very volatile. It can go either way, at any time, in any amount. Wire transfers are pretty flat. Different options will appeal to different people with different needs. As for me, I have used wire transfers on occasion. I stay away from crypto.

    The guy in the video calling Bitcoin "digital gold" seems like quite a stretch to me. I see very few similarities between the two.

    The ONLY reason Bitcoin has any credibility with me is because Kitco accepts it as payment when selling gold.
    Last edited by SilverPalm; 02-27-2020 at 09:06 AM.

  7. #7

    Default

    For the new gold, digital gold sure doesn't have the safe haven appeal the old shiny rock has as things go to sheet worldwide
    One in a million...GNR ...sums it up nicely

  8. #8
    Join Date
    Jun 2014
    Posts
    3,458

    Default

    Quote Originally Posted by sasksilver View Post
    For the new gold, digital gold sure doesn't have the safe haven appeal the old shiny rock has as things go to sheet worldwide
    I have both and you are right at this moment....Crypto tracks stock markets in difficult times, so it seems.
    But pm's also got dumped and today it looks like pm is rising but that is not the case: It's the USD dropping.

    There will come a point that money starts flowing into pm AND crypto again...Might even start tomorrow

  9. #9

    Default

    Quote Originally Posted by DutchSilver View Post
    I have both and you are right at this moment....Crypto tracks stock markets in difficult times, so it seems.
    But pm's also got dumped and today it looks like pm is rising but that is not the case: It's the USD dropping.

    There will come a point that money starts flowing into pm AND crypto again...Might even start tomorrow
    2209 in Cdn dollars as we speak. Rising in Cdn dollars today as well
    One in a million...GNR ...sums it up nicely

  10. #10
    Join Date
    Jun 2014
    Posts
    3,458

    Default

    Quote Originally Posted by sasksilver View Post
    2209 in Cdn dollars as we speak. Rising in Cdn dollars today as well
    From last friday's closing: Gold -1%, Silver -5% in and Platinum -7% Euro this week, what a safeheaven....Gold is not that bad but Silver and Platinum..dangg!
    Not selling anything no...happy with the performance: No...This is how it is during these times.
    Just like 2008, paper selling is doing this nothing new.
    Last edited by DutchSilver; 02-27-2020 at 11:53 AM.

Page 1 of 6 123456 LastLast

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •