Bitcoin just recently exploded past $20,000 and shortly after hitting that mark it broke the $21,000 and $22,000 marks. As I write this it is sitting between $21,000 and $22,000.
#Bitcoin broke $21,000!
Two milestones in less than 24 hours 🚀
— Binance (@binance) December 16, 2020
#Bitcoin broke $22,000!
What's next? 🚀
— Binance (@binance) December 17, 2020
What this shows is an eroding confidence in the traditional monetary systems. We have a situation where the Federal Reserve and other central banks are just creating trillions upon trillions of new currency out of thin air and devaluing the purchasing power of the currencies. They’ve been doing this for quite awhile but they really went nuts in response to the coronavirus hoax and subsequent lockdowns. People are looking for alternatives and cryptocurrencies like Bitcoin are high on the list.
Personally, I prefer physical gold and silver as an alternative to the U.S. Dollar. That’s because if you have physical gold and silver they can be used in barter even if you have a total meltdown of the electrical grid and some sort of Mad Max situation occur. With cryptocurrencies you need to have a certain level of infrastructure available for them to be of use. Plus, not everybody understand cryptocurrencies, specifically among the older demographics.
That’s not to say that I’m a hater of cryptocurrencies, as I have some myself. I just believe physical gold and silver is both undervalued and has more upside during a societal collapse. Certainly doesn’t hurt to have both though. You want to have your wealth diversified outside of this system which is showing its fragility each and every day.