The Phaserl


Are Bitcoins Money?

by Andy Hoffman,

Earlier this year, Bitcoin had an historic run – from 110 on April 2nd to a record high of 265 on April 10th.  Just hours before the peak, I gave this interview (time stamp 8:35 through 10:50), in which I gave my views on Bitcoin the product, and the market.  In fact, I said it appeared much like the 1999 internet bubble – which in hindsight, turned out to be quite prescient; as by the time the crash ended a week later, Bitcoin had fallen all the way to 55, down 79%.  As always, the “Johnny Come Lately’s” were destroyed – with not a clue what they were investing in …

After consolidating for several months – whilst manipulated currencies like gold and silver continued to be artificially suppressed, Bitcoin has recently surged higher – reaching a new all-time high of $270 this morning.  Thus, it’s just a matter of time before I start to receive a slew of questions about it; and hence, this piece.

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1 comment to Are Bitcoins Money?

  • mike

    Money or not money, doesn’t matter just know if I had put as much into the bitcoin as I have in PMs I would now have a Billion times more PMs (Purchased with my profits) and tons of extra cash. Money is simply whatever is perceived to be money. That includes PMs. PMs are not perceived as money and may never be again or may? I will hold onto my PMs because fortunately I didnt go all in just a substantial amount so I have not been forced to sell. I have been around the block to know that you dont lose until you sell. I have no doubt at some point in my lifetime PMs will go to at least what I paid so not too worried about that. Unfortunately I fear it will turn out to be a stagnate investment at best. Bitcoin in my opinion is a perfect example as to why PMs will never be money (Barring Mad Max scenario). People do not want them as money and prefer fantasy over reality, or this is reality and PMs are a fantasy..Who knows? I have a feeling that toilet paper will be the new money of the future so I am going to invest in the Physical toilet paper and purchase lots of Charmin stock…If using my bathroom only one square of toilet paper per use please, im stacking.

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