YOUR

DAILYLUXE

 
CONNECT WITH US

Is Bitcoin the New Commodity of Choice for the 'Goldbugs'?

Posted: Nov. 12th, 2013  |  By DailyLuxe News

Photo: Robocoin

Bang that financial conundrum slowly!  

If you happen to be the one waiting to tell everyone that you knew the financial world would cave in and that makes you happy, you are a “goldbug,” according to a report by The Street.

Bitcoin is being touted as the investment of choice for "those who choose not to believe in investment.” With the price of gold declining, the e-coins are the new silver-lined parachute for “goldbugs” to jump on and, hopefully, beat the market with it like a drum.

 …. Bitcoin, like gold, is what I call an "oh no" trade. It's a belief that something has intrinsic value that will exist even if governments don't. It attracts the fearful.

In my view, it also attracts people who don't know what money is. These people think of money as a store of value. In fact, it's a medium of exchange. These are different things.

Read More on thestreet.com
Comments: