Loading ...Some food for thought for those of you who are (still) crypto skeptics !
I do not want to convince you to abandon the prescious metals. I am still a big GOLDBUG myself and would rather own gold & silver than cryptocurrencies !! If I had to make an exclusive choice…
However I invite you not to underestimate the potential of cryptocurrencies !
It is true that physical prescious metals in your own possession are THE BEST store of wealth. No doubt whatsoever in my mind ! However physical prescious metals are somewhat slow as medium of exchange and difficult to cross the national borders with. Cryptos are fast (very fast) and a transborder payment is cheap (very cheap). They have no weight and are secure and Anonymous. After all we live in the 21st century and, like it or not, we all shop regularly on Amazon !!
Think about it: if I have to send 1000 USD to my sister in law who lives in Mexico, I would have some difficulties to send her 1 ounce of gold or 70 ounces of silver. If I send her 0.5 BTC she receives it after a few minutes. If I send her 3’500 XRP, she receives it after 4 or 5 seconds !! The following day she can run to the coinshop if she wants !
I do not suggest to allocate a big chunk of your capital in it: do as I did: put 3% of your capital in it. After 2 months, remove 200% of your initial investment and then ride your trade with house money ! After that you can still buy gold & silver with your profits. Doesn’t that look like a good plan ? At the beginning my cryptoportfolio was 3%, now (after taking 200% profits) it is 30% !! If cryptos go to ZERO, as some of you suggest on this site, I still made 200% !!
One of the best Crypto Advocats AMONG THE GOLDBUGS is Jeff Berwick. He recommended cryptos since 2011. However his portfolio weighting NEVER surpassed 5% of the total PF. Physical PM and Gold&Silver Mineres should be weighted around 70%.
Here is a link to his recent of his speech at the Vancouver International Mining Conference (the speech starts at 1:40):
Cheers !!
https://www.youtube.com/watch?v=YnOEBpnWwnw
Excellent Strategy Dangemouse….congrats on locking in 200% !!!
Yes, and still up 1150% on the remaining positions.
which crypto offers the most security AND privacy ??? Seems to me, confidence, ease of use, cost/transaction, will dictate the winner. It’s like rats jumping from ship to ship right now. Drill down 300 meters and hope to hit some shiny stuff or gamble it in a half dozen of these things? Cryptos look like a safer bet as 1 in 6 odds of a winner. Although once gold decides to break out and run up then just throw a dart at any gold stock and chances are it goes up in the mania as well. They both will probably shoot up and perhaps the cryptos go higher in % than some stocks, therefore play both as chaos is needed for both.