Over on the dinosaur of a platform called YouTube, I watch different financial vloggers who concentrate on different asset classes. I find it very disturbing that so many precious metal advocates are vehemently anti-cryptocurrency. We know through the initial writings of Satoshi on such sites as Reddit, bitcoin was created for all the same reasons that precious metal advocates support the precious metals (hyperinflation of currency, confiscation of wealth, etc).
Is it fair to ask if individuals such as Chris Duane or the guy who runs the Silver Report Uncut are actually controlled opposition? Sure they disparage the US government and the Federal Reserve actions but they aren't really telling us anything we do not already know. They further state individuals should not put 1% of their assets into crypto. I view this as an ignorant view. Even if you believe the deep state can reverse engineer SHA-256, you can't say that with 100% certainty. Are these individuals just overly skeptical and that self-confident or are they trying to keep Libertarian minded people from becoming wealthy for a more sinister reason? I don't know.
I don't think he's threatened by anything. Bitcoin and metals aren't peers. I think both side of the argument make valid points. I don't consider Bitcoin or silver as investments. They're substitutes for holding dollars. The only reason Bitcoin is so high is because it's hoarded. The velocity is extremely low. If and when it is ever adopted for every day transactions, the price will find equilibrium. I've been waiting 4 days for transactions to be confirmed. The increased interest in Bitcoin has fees rising to compete for the attention of miners. If it costs you $5 in fees to send $5, it shows that it isn't ready for prime time. Buying BTC and holding is speculating, not investing. Once infrastructure improves and it is adopted for every day use by the masses, then Bitcoin will have real value.
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