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The Recusant
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Bitcoin is Not New and Improved Money

- Michael Pento - Delta Global Advisors

The fact that cryptocurrencies need to be purchased at wildly varying rates is one sure sign they are not a reliable currency. National currencies do not rise or dip dramatically unless something gravely wrong is occurring to that nation's economy. Crytocurrencies in contrast, have risen to exorbitant heights and swing in value almost daily. These investments, not unlike the tulip madness, are indicative of an investment craze, not a reliable, stable currency. No doubt in the future nations will adopt some totally electronic form of currency or credit system once security and ease of use is universal. However, that time has not yet come. Additionally, that new form of currency will not be purchased, but converted from the old currencies at a stable rate of exchange.

Commented 2541 days ago

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Beginning of the headline :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. In the 2013 film titled “Her,” lonely Theodore, played by Joaquin Phoenix, falls in love with Samantha, an operating system. Despite Samantha’s lack of phy... Read More

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