I have read most of Jim Rickards books and I listened to a interview on LondonReal and he stated he thought Bitcoin was like a Casino chip,. It had no use or value outside of the casino. I thought to myself as he stated "bitcoin has no use case." I thought he knows more than me but when Ampmex at one time was accepting Bitcoin for gold and silver perhaps many people would trade the casino chip for cash or would accept bitcoin for cash. I know Mr. Richards is smarter than me and also is better informed but it is still a wonder. A moment of UM!.
He was of course looking at it from the point of view that outside of the "crypto" world how could it be used. Other than to gamble on crypto. He's points are well taken and I actually believe his point of view may be more accurate than many people would care to admit.
I thought it was a ponzi scheme when I heard about it 10 or 11 years ago. I realize now the casino reference is somewhat more accurate.
He pointed out you could not go out side and buy a cup of coffee with a casino chip.
Seems that Bitcoin has a bad rep to older people like myself who prefer to actually hold it in hand. Like my vinyl record collection. I would never buy a digital download of music. To me that is the illusion of vinyl ownership. And many people would say the same of Bitcoin and of course other crypto.
Myself I have never been afraid to risk a few dollars on ways to make more capitol. That is how I now look at Bitcoin, Fortunately, I buy in amounts I am willing to lose. I could buy lottery tickets, but that is old and everyone knows you are more likely to loose. Since I am someone who is not afraid to hold something so new as Bitcoin to see how it turns out in the long cycle, I guess that makes me unique.
Mr. Richards suggested the government created Bitcoin to get the newer generations use to a cashless society and then when they switch to the use of all digital currency in society many people will not think much about it. From a older point of view that seem quite probable. If there were no mystery behind the creator of Bitcoin that probably could be proved or disproved. Yet, his point is valid on this point as well. Alas no one knows bit Mr. Richards speculation is also a valid point.
Just found it interesting with the fact the SEC has approved a Bitcoin ETF. perhaps casino is accurate since the stock market is a casino for sure.
