Doomsday preppers are buying Bitcoin
Judging by the drop today, gold is suddenly out of fashion.
It's so out of fashion that people who are worried about the end of the world are no longer buying it. Instead, they're investing in BitCoin, Bloomberg reports.
"It may be difficult, if not impossible to access for a while, but once things start returning to some level of normality, then the blockchain will return as it was before the disaster," said Rob Harvey, a bitcoin investor who prepares for natural and nuclear catastrophes by learning and teaching survival skills, like making a fire. "The blockchain does not need a specific place or a specific person to survive-that's a strong survival tactic."
First of all, investing for doomsday is stupid. It's like rumours of nuclear weapons being launched. If you hear them, the trade is to buy everything. Because if the rumours are wrong, everything will bounce back. If the rumours are right, we're all dead anyway.
Second, BitCoin would at about #10,000 of the things I'd like to have in the event of a calamity.
Third, and most importantly, this is proof that the only thing that matters is price action. If the price of something is rising, people will always find a reason to justify it and own it.
