Bitcoin Backup Plan

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Internationalization of assets is fast becoming a hot topic for middle class and wealthy individuals around the world. In short, prescient individuals see the writing on the wall that says the current financial – economic situation is unsustainable over the long term. Worse yet, the problem is global in nature and there is no one specific place to hid.

This is changing in large part due to the internet and the advent of digital currencies. Never before were people able to store value outside of bank vaults in a way that was trustworthy and safe. Bitcoin is the reason behind this change and provides an avenue to store wealth for a rainy day in case things go south.

To be clear, Bitcoin is volatile and can have significant changes in value day to day. However, it is a way to store money free from capital controls and closed ATMs. In fact, the most existential threat to Bitcoin’s existence is if the internet went down forever, something that is extremely unlikely no matter how pessimistic you are. There are even offline wallets that are not connected to the internet that would be safe in case of an “internet shutdown”…and this is something we recommend crypto holders having in lieu of storing all their eggs in one basket via Coinbase or Blockchain.

Picture a run on the banks. ATMs are shut down and lines are around the corner of banks as people are desperate to liquidate everything in the depths of the crisis. If things get really really bad, you don’t have control of your money. The banks do have control and they will shut down if they need to. This is why we recommend international diversification with your assets (i.e. foreign bank accounts) AND holding some wealth in digital currencies. Spread your risk across the spectrum and you’ll come out the other side in one piece.

With all that being said, the above scenario isn’t that likely in today’s world. We would hope that our nation’s leaders would be prepared enough to avoid such a crisis. Nonetheless, worse things have happened in the past and oftentimes the truth is stranger than fiction. If you fail to plan, you plan to fail…plan to get through whatever life throws at you with a small allocation to the magical money of the internet, Bitcoin.

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