Mike Maloney, the founder of precious metals broker GoldSilver.com, has suggested that owning cryptocurrencies such as Bitcoin is one of the answers to how to protect yourself against a shift in the global monetary system.
He says “something big and very dangerous” is coming ahead very fast and it requires everyone to be prepared.
“Going to be devastating”
Mike Maloney, who has written a book on investing in precious metals, notes in a video presentation that the pending market crash is the first time in history that there would be an everything bubble:
“Back in the year 2000, it was stocks. In the year 2008, it was stock and real estate. This time, it is stocks, real estates and bonds and they are all in some of the biggest bubbles of all time. When these burst, it’s going to be devastating for most people but it doesn’t have to be devastating for you.”
He added that the answer to the question of how to be prepared for this roller coaster crash and the potential for the new world monetary system - he’d found while researching his book that a new system emerges every thirty years - has become a little more complex than just relying on gold and silver.
Alternative system exists
He stressed that although cryptocurrencies should not be relied upon solely because they are worthless without an Internet connection, he explains how essential they are:
“You want to have an alternative monetary system that is already ready to go and those actually exist today. They are called cryptocurrencies. It started with Bitcoin. There have been several others that have been introduced. I own a few of them. I don’t own a lot of cryptocurrencies but I think it is something that is necessary to be prepared because if the monetary system fails, you’ll be able to do transactions right away with other people and you can do them over long distances. You can do them over the Internet just like you pay with your credit card today.”
Prudent Bear advice
Unlike others that caution against Bitcoin as a competitor to gold or as a risky investment, Maloney’s recommendation of Bitcoin as a solution for online transactions seems to be in line with the view of the former manager of the Prudent Bear Fund, David Tice.
In an interview with CNBC. Tice said that although Bitcoin has been looked down on, it truly makes a lot of sense to invest in it, particularly on a transactional basis as it has the potential to give investors money.
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