Doomsday Revelers Switching from Gold to Bitcoin

doomsday

THE WORLD IS ENDING, THE WORLD IS ENDING! Oh no! Quick, dump your gold and buy bitcoin. Yup, as we at FintekNews have previously written, bitcoin has become the “new gold” in soooooo many ways. BUT, not entirely for a nuclear holocaust or world ending scenario. Think this through. Guns? Check. Non-perishable food stock? Check. Water supply? Check. Bitcoin for money? Uh, NOPE. Ya kinda need electricity for transactions and the going bet is the grid would be wiped out. Gold under the bed? YEAH, check. OR, just skip all that doomsday stuff and move to Fargo, North Dakota. NO ONE would target THAT.
(Bill Taylor/Publisher)


Wendy McElroy is ready for most doomsday scenarios: a one-year supply of nonperishable food is stacked in a cellar at her farm in rural Ontario. Her blueprint for survival also depends upon working internet: part of her money, assuming she needs some after civilization collapses, is in bitcoin.

Across the North American countryside, preppers like McElroy are storing more and more of their wealth in invisible wallets in cyberspace instead of stockpiling gold bars and coins in their bunkers and basement safes.

They won’t be able to access their virtual cash the moment a catastrophe knocks out the power grid or the web, but that hasn’t dissuaded them. Even staunch survivalists are convinced bitcoin will endure economic collapse, global pandemic, climate change catastrophes and nuclear war.

“I consider bitcoin to be a currency on the same level as gold,” McElroy, who lives on the farm with her husband, said by email. “It allows individuals to become self-bankers. When I fully understood the concepts and their significance, bitcoin became a fascination.”
At first glance, it seems counter-intuitive that some of bitcoin’s most ardent proponents are people motivated by the belief that public infrastructure will collapse in times of social and political distress. Bitcoin isn’t yet widely accepted as a method of payment and steep transaction costs make it inconvenient to use at vendors that do take it…”
Full Story at Bloomberg.com