Bitcoin & Counterparty Risk

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One of the primary advantages of gold and silver when compared to other assets is that physical bullion, in one’s possession, can in no way be one person’s liability and another person’s asset. If you hold the bullion it’s yours and the only way it leaves your ownership is if you sell it, lose it, or if it’s stolen from you. This one foundational attribute of the metals is what makes it so special when compared to paper assets, many of which are re-hypothecated, leveraged, or located on the other side of a trade.

Believe it or not, Bitcoin has these same exact advantages. Is it digital? Well yes, it is, however it cannot be cloned and once it’s in your wallet you can consider it within your possession. The only way Bitcoin leaves your grasp is either through sales, theft, or mis-remembering your password. In essence, this makes Bitcoin digital gold and therefore a rightful place in everyone’s portfolio.

But What about Hackers?

What about the “Bitcoin Banks” like Coinbase…aren’t they vulnerable? Google “cold storage Bitcoin wallets” and you will stumble upon a world of digital wallets that are not “plugged in”. Yes, you can “unhook” from the digital world with Bitcoin and insulate yourself from the coming market carnage. Bitcoin can protect you much like gold and silver have done for 6,000 years.

In fact, Bitcoin is actually better than the precious metals in some ways when you consider the ease of use and incredible portability of digital tokens. Imagine transferring wealth over borders with the click of a button as opposed to managing through the logistical challenges of international bullion transfer.

Next time you’re looking to weather the coming financial firestorm, consider Bitcoin. Some would say it’s as good as gold…

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