Back in the 1930s, at the start of the Great Depression, the good, hardworking people of the United States started hoarding gold as a way of protecting their wealth.
It seemed a sensible move – after all, gold was the physical store of value at the heart of the financial system at that time. And with confidence in the banks was at an all time low, they reasoned it would be safer than holding banknotes, which were effectively just government issued receipts for gold deposits.
But then in 1933, with the stroke of a pen, President Roosevelt signed Executive Order 6102 which made owning gold illegal and required citizens to sell their gold back to the Federal Reserve or face a fine and up to 10 years in prison.
UK investors faced a similar situation in 1966, when the government made it illegal to hold more then four gold coins without a licence.
So gold, the first choice for many investors in times of global crisis, hasn’t always been the safe haven it is supposed to be.
Now, for the first time, there is a way to hold wealth and protect purchasing power in a form that not only has all the desirable characteristics of gold, but which also offers unprecedented anonymity and security against interference by companies, governments or other authorities.
It’s also safer to hold Bitcoin than it is to store gold at home, as long as you know what you are doing.
And with companies like Dell, Expedia, PayPal, Microsoft, Overstock and even Starbucks directly accepting Bitcoin for purchases, they are much easier to spend than… Read more…