Back in April everyone was talking about Bitcoin. The price shot up as a result of events in Cyprus and the financial media was abuzz with warnings against the virtual currency.
Since then, the crypto currency has hit high after high, climbing over $100 in just twenty-four hours over the weekend.
It might seem strange for an online gold investment platform to be interested in a virtual currency.
It is something which, ultimately, has been created from a just a few clicks of a button and perhaps doesn’t sound much different to the process behind fiat money.
However, unlike paper money, Bitcoin has been touted as ‘Gold 2.0’ by none other than Bitcoin ETF fund investor Cameron Winklevoss himself, ”In terms of a store of value, it definitely has the properties of gold, and people are viewing it that way.”
In terms of the gold and sound money community, the vote is clearly split on whether or not Bitcoin is another form of sound money.
Jim Rickards, author of Currency Wars, does not believe that it is a store of value. Peter Schiff agrees and almost laughed when he was told of Winklevoss’ comments comparing Bitcoin to gold, suggesting it was more tulip mania 2.0 than gold 2.0, ‘”I don’t see bitcoins as an alternative to gold,” he told CNBC, ”If anything, [the creators of bitcoin are] modern-day alchemists, but you can’t make gold digitally. It’s no better than a fiat currency.”’
However, just seven months ago when we asked you what you thought about Bitcoin, nearly 44% of you told us you already owned some. The rest of you were divided; some were ‘planning to buy’ whilst others thought it was a ‘dangerous bubble’.
Now, with the price rocketing upwards, we’re interested to know if your thoughts have changed. Do you still own Bitcoin? Did those of you who were planning to buy, buy? Perhaps more of you think it is now a dangerous bubble.
Tell us in the poll below!
