A New Alternative
Humor me for a moment and assume that you knew your country’s fiat currency was going to collapse soon.
The traditional response to such an impending calamity would be to exchange all your fiat currency for a precious metal, especially gold.
An alternative way to preserve your wealth in an apocalyptic world would be to exchange your fiat currency for a cryptocurrency, of which Bitcoin is king. If you didn’t take any action whatsoever, your accumulated wealth would disappear in a hyperinflationaty crisis – either slowly or instantaneously. Just ask the citizens of Nigeria, Venezuela, Brazil, Argentina, Zimbabwe or any other country with incompetent, corrupt governments that rack up huge debts and continuously devalue their currency.
The problems with holding physical gold bars are: storing them, transporting them, defending them against theft, and accurately dividing them up to pay others for food/services.
With Bitcoin and other cryptocurrencies, these problems are almost non-existent. You can store the majority of your cryptocoins in a tiny, easy to hide, encrypted and password protected, hardware wallet (Trezor, Ledger, Keepkey, etc). You can periodically transfer small mounts to your cell phone wallet to pay for food and other daily expenses.
So, what would YOU do if you knew for certain that your national currency was about to go poof? Isn’t it about time you started learning about the future of money, cryptocurrencies? I suggest you start with YouTube. There are tons of introductory Bitcoin videos to watch.
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You’ve mentioned Zimbabwe and Nigeria. I wonder, what would be easier in those countries buy something for gold or bitcoint? If fiat money of a country is about to collapse I think it is safe to assume riots, civil war, lack of electricity. In such situation I would prefer 1oz of gold to any amount of bitcoin.
Not saying that bitcoin is bad for storing value during crisis, but in extreme situations like you’ve mentioned I think gold/silver/gems would be much easier to trade.
A fair point. But it doesn’t have to be an either or situation.