Bitcoin is Not New and Improved Money


24hGold/Michael Pento/10-05-17

Cryptocurrencies are being billed as a new and improved form of money that has been offered to us courtesy of technological evolution. There is a big problem with this conclusion. That is, digital money is not money at all. And proving this truth serves to underscore why gold has been utilized as the best form of money for thousands of years.

…sooner or later, all governments may join with China–sending shock waves through the growing market for virtual currencies. And while virtual currencies will still be able to be exchanged in the “back alleys” of the digital world, their liquidity and utility will be trending towards its intrinsic value, which is virtually nothing.

PG View: When the media talks about cryptocurrencies they invariably use an image like the one above to make it seem tangible, but it is not. More often than not they represent the cryptocurrency as a gold coin. It is most certainly not gold.

“Money is gold, and nothing else.” -J.P. Morgan

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