First, I must say this; I am not a financial advisor; I am not giving financial advice. I am telling everyone what I plan to do in the near term. It is my opinion that the US and Europe are going to enter a hyperinflationary period. I say this by looking back in history. After the Revolutionary War, the new Congress of the US found they could order any amount of money printed. The extensive printing of dollars led to hyperinflation; a pair of shoes cost more than $5000. Food and other necessities became equally expensive. Germany after WWI was in a similar economic situation where the German Mark was worthless. Again after WWII, the German Mark was worth more for fire starter than as a currency. When we look at Venezuela, we see hundreds of millions of their currency clogging the sewers. The printed money has no value. People are back to barter and trade to get necessities.
The Federal Reserve, a for-profit bank, is the only entity allowed to print US currency. During the Trump administration, the Fed added three trillion to the National Debt. This year under President Biden, the budget will add four trillion to the debt. The current debt is over 28 trillion dollars. By next year the debt will exceed 32 trillion dollars. In addition, several countries, such as Russia and China, are reducing their economic exposure by selling off US dollars. This sale will spark more inflation in the US economy. Soon the dollar will be equivalent to the Venezuelan Bolivar.
Buying Crypto is a good hedge bet against the FIAT collapse. I believe the BTC, ETH, and Dogecoins will all rebound from their current slumps. I doubt they will hit the million-dollar-per-coin mark compared to the current value of the US dollar. When hyperinflation hits full force, the BTC, ETH, and even Dogecoin will be worth billions of dollars each.
There is a bright side to hyperinflation that most people do not see. Any debt that you owe does not index to the new value of the currency. So, if you owe $150,000 on your house, you could pay off the debt with the worthless money. As we see in Venezuela, there is a fortune in worthless paper laying in the street free to pick up. The same thing happened in Germany after both World Wars. Take the worthless money to the bank and pay the debt on the house. Put the money in a bank account and send it to the credit card company or bank to pay off your current debts.
After this, you can live debt-free.
On to my original point, the value of BTC, ETH, and other cryptocurrencies has fallen in recent weeks. If we look back to last year, the cost of Bitcoin went from $20,000 down to $7,000. It rebounded to over $50,000 this year. I believe this fluctuation is part of a natural cycle. The price of the individual Cryptos goes up and then falls. It is a gut feeling that the Cryptos will recover their recent losses and climb much further than the previous highs. As the FIAT currencies feel more inflationary pressures, they will continue to lose value. The natural tendency for most people will be to move into either Cryptocurrencies or hard assets such as gold, silver, platinum, land, and equipment. As I said earlier, using the devalued dollar to pay off current debt will free people from the debt bondage they suffer from now.
In my opinion, buying any of the top three cryptos is a more safe strategy than holding any FIAT currency. Buying a couple of speculative cryptos may also be a wise investment. Dogecoin has risen in value by over 800% in the past year. Before speculating on any risky investments, it is a good idea to have a safe place to live with food, water, and water filters. My advice is to band together in neighborhoods or small groups. Everyone in the group adds to the general welfare of everyone else. I am not referring to communism but the age-old wisdom of small groups banding together to survive and thrive in times of turmoil. The lone wolves are the first to die either at a group's hands or succumb to natural causes.
There are many ways you get cryptocurrencies. The most obvious is to buy them from any of the exchanges. The second is to mine Crypto on your computer. The mining option is out of the question for most people. It takes a powerful computer and lots of time. The third option, and my favorite, is to used distributed mining. There are some websites and apps that use many computers to mine Crypto.
I have found a few of these sites, and I believe there are many more. Here are a few links for people to check out:
http://cointiply.com/r/e7yK5
https://cryptofree.mobi/?r=3428669
https://cryptotabbrowser.com/24243757
https://www.coinbase.com/join/ward_rb0q
Coinbase is a Crypto wallet and site to buy Crypto. The cryptotabbrowser allows you to mine while surfing the web. Cryptofree and coinply allow you to accumulate Crypto through games of chance and daily free spins. Points in coinply can convert to BTC. I have earned Crypto on all of these sites. Please use the links to set up your accounts.