The central banks are fighting a losing war. Japan just approved Bitcoin’s use. Singapore declared financial war on Hong Kong and no one noticed. Their central bank is moving the Singapore Dollar onto the Ethereum blockchain, fulfilling a long-held belief that it will become the Zurich of Southeast Asia, leveraging Ethereum’s massive advantage in clearing to drive costs lower and service higher.
Vladimir Putin met on the sidelines of the St. Petersburg International Economic Forum with Vitalik Buterin, the developer of Ethereum to discuss Russia developing a national crypto-Ruble using the Ethereum blockchain.
The moneyed group are much younger now. Do you see Bitcoin or something like it replacing gold as a safehaven? Might that blunt the rise in gold’s price we are close to positioning ourselves for?
It is already blunting gold’s rise, Don. That’s why I’m not comfortable with gold projections above $10,000/oz in a USD breakdown scenario.
Without BTC/ETH and others, Gold would be a lock for $20,000+ in five years and be trading above $2000 now.
This gold increase blunting thought might be a good topic for a podcast in the future (say Oct – Nov time frame when 3Q events are known). It would help us gold stock followers to shape our investments. Many of us have been patiently waiting for gold to take off before committing funds to promising gold stocks. Your thoughts?
Don,
Exactly., And, as you well know, I’ve been holding off recommending any more gold stocks until we get a definitive bottom. In fact, I’m going to make this the subject of some articles at Seeking Alpha for SS&R subscribers. So much to talk about. :)