Here’s news for you: Bitcoin has soared to new highs, trading at $35,000.
Hard on the heels of this article was another that caught my eye: “The Case for Digital Assets.”
Call me a Luddite — call me an old fuddy duddy — but why would anyone put their faith in digital anything, especially when it comes to digital assets? It can disappear in the blink of an eye.
I find it unnerving enough to use fiat currency. I realize fiat currency is just as imaginary as Bitcoin, but at least it’s tangible. It’s one of the reasons we adopted an all-cash lifestyle several years ago.
Fiat currency may be little more than an agreed-upon fantasy of “worth,” but at least it’s something you can hold in your hands. It’s not digital, it’s tangible, insofar as that fantasy supports it.
Consider a few headlines I’ve collected over the past couple months:
The last link starts with: “Almost a century after the stark lessons of 1923 Germany [hyperinflation in Weimar-era Germany], the West is convinced it can’t happen here. In our overwhelming material abundance, aided by the natural deflationary pressures of markets, we simply have lost our ability to imagine a hyperinflationary scenario.”
At some level, I think investors understand this, hence yet another financial link: “An Epic Commodities Boom Is Coming,” which starts: “Demand for commodities, tangible assets and the companies that mine, manufacture and transport them is about to blow sky-high.”
Ah, tangible assets. I’m all in favor of them. These are my preferred investments:
Sure, these tangible assets also come with risks, but since there is no risk-free investment, these are my preferences
Right now there’s a tremendous amount of uncertainty in the world, and somehow the thought of tangible assets is immensely comforting.
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