FX CRYPTOCURRENCIES
currencies to retain purchasing power. We have seen this over the ages from Weimar Germany to Zimbabwe and now Venezuela, and where gold and land were generally the tried-and-true assets of choice for those wishing to protect their wealth from the insanity and irresponsibility of governments, today in 2017 with the advent of technology and its attendant curses and wonders, the wunderkind of today have
actually created their own receptacle for frightened wealth and that
is
of Bitcoin and its incredible “success.” ]
When the chief technology engineers sat down ten years ago aſter watching the global bankers vaporize the financial system and then turn right around and “save” it through a massive and globally coordinated
counterfeiting the true meaning
racket, they determined that anywhere government has control over money (as in the banking system), there could be no certainty of anything responsible or prudent whereas there was absolute certainty that corruption would exist at a systemic level. Therein lies the reason for the invention of blockchain technologies and the best-performing “asset” of 2017, Bitcoin, which is ahead an astonishing 1,000% year- to-date spurring the creation of hundreds and hundreds of “wannabes” being trotted out as heir apparents.
Traditionally, investors moved to the old saws, gold and silver, as safe havens for decomposing currencies and as recently as this year, we have witnessed the efficacy of wealth preservation as
Venezuelan citizens that
moved their savings to U.S. dollars from the bolivar avoided the most hideous of outcomes as the bolivar collapsed. This is precisely what occurs when confidence sinks to zero and hoarding of staples escalates.
If they further diversified by converting bolivar to gold, the outcome was predictably preferable to holding cash in mattresses or term deposits in a Caracas banking institution.
52 FX TRADER MAGAZINE January - March 2018
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