VS GOLD
that gold bugs always advocate having 10% of physical gold in one’s portfolio to protect against a crash. Which brings him back to his refrain: what about the other 90%? Again, he views bitcoin as the solution and gold as nothing but an obsolete hedge. And then he quotes General Patton (naturally): “Nobody’s ever defended anything successfully. There’s only attack and attack and attack some more. Gold is defense. Bitcoin is an offense.” Michael ends it by projecting his crypto’s growth, noting that bitcoin spreads at 200% a year. He claims it will reach 250 million people by the end of 2021 and soon... everyone. Frank fights back at the rosy crypto eutopia Michael and his ilk push, scolding him for potentially leading young, naive investors astray. He thinks the whole bitcoin community smacks of a digital cult. And he returns to one of his core arguments, the idea
that billionaires holding cryptos may make a killing, but it’ll leave millions of smaller investors as casualties. “In Michael’s world, all you own is bitcoin. That’s the only asset class you own. And that’s not the way that you’re going – it’s just never going to happen in the real world . It’s sheer fantasy.” Frank offers these words of caution: if you want to buy bitcoin, so be it, but you have to own gold as your insurance . And that utterance encapsulates the obvious eureka moment... You don’t have to pick the metal over the crypto . Even though most Americans (or investors) are allergic to this concept, it’s possible to have two opposing ideas in your head at once. Think of the two assets as Batman and Joker – they need each other. Which is to say, don’t pick bitcoin or gold. Choose both.
Think of gold as defense and bitcoin
as an offense. Which do you value more?
American Consequences
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