picture a run on the banks
Bitcoin Backup Plan
By FMT Staff on February 3, 2015 Digital Currencies
Internationalization of assets is fast becoming a hot topic for middle class and wealthy individuals around the world. In short, prescient individuals see the writing on the wall that says the current financial – economic situation is unsustainable over the long term. Worse yet, the problem is global in nature and there is no one specific place to hid.
This is changing in large part due to the internet and the advent of digital currencies. Never before were people able to store value outside of bank vaults in a way that was trustworthy and safe. Bitcoin is the reason behind this change and provides an avenue to store wealth for a rainy day in case things go south.
To be clear, Bitcoin is volatile and can have significant changes in value day to day. However, it is a way to store money free from capital controls and closed ATMs. In fact, the most existential threat to Bitcoin’s existence is if the internet went down forever, something that is extremely unlikely no matter how pessimistic you are. There are even offline wallets that are not connected to the internet that would be safe in case of an “internet shutdown”…and this is something we recommend crypto holders having in lieu of storing all their eggs in one basket via Coinbase or Blockchain.