You only need to answer one question:
Do you trust your government’s ability to make proper decisions on its currency?
If you do, you can stop here; no need to go further.
However, if you don’t feel secure in the government’s manipulation of the money supply with its ability to print money at will, increase the debt level without restriction, devalue its currency and keep interest rates artificially low to discourage saving, then you need a solution.
But first, we need to distinguish between “sound” and “unsound” money.
Sound money is money that is trusted by the market’s participants, traded freely without intervention, and remains under the owner’s control.
Unsound money, by contrast, is money forced onto the populace by a central authority and which can be manipulated.
Consider that when the public trusted gold’s value vs. the dollar after the Great Depression, FDR outlawed its private ownership and forced all citizens to sell their gold back to the Government at a set price.
That, my friends, is what the Government has done and can do again.We all know that the value of a dollar is less than 5% of what it was a century ago.
So, what are the choices for sound money today?
The two that fit the bill are gold and Bitcoin.
To understand why Bitcoin is sound money, read my Crypto Insights article “Why Bitcoin is ‘ Money’.”
As we previously discussed in earlier articles, gold is not practical as a means of transaction, but Bitcoin is. It is easy and inexpensive to trade, store, and carry around. It is under the owner’s control and cannot be manipulated or seized by any central authority.
So if you understand why you absolutely need some “sound” money, get some gold and/or bitcoin. Don’t leave your financial future in the hands of irresponsible, reckless government policy!
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