Article Image Powell Gammill

Letters to the Editor • Currencies

Protecting assets - consider buying a few bitcoins as well

• Article

  Hey Freedom's Phoenix! Merry christmas!

I'd like to draw your attention to Bitcoins, if you're not already aware of them. They're a distributed currency that is not centrally owned or operated. The system has been in place for three years without getting hacked, and every month new infrastructure is built that makes it easier to use.

I trust gold more than bitcoins but I trust bitcoins more than dollars or euros. And since there's a limited supply of bitcoins, there is potential for them to skyrocket many orders of magnitude in value as adoption grows.

A year ago, Bitcoins were worth ten cents. During 2010, they jumped first to a dollar, then ten, then thirty - then crashed back to three dollars as investors realized that this project was still in its early stages and lacked infrastructure.

I crossed the US on the first Bitcoin Roadtrip between April 2010 and June 2010. I drove from Connecticut to Los Angeles, spending exclusively Bitcoins along the way. In my expert opinion, this is here to stay, and is a great bet if you don't mind a little risk.

Anyway, this is relevant to your asset protection article because you can hold your bitcoins yourself without trusting a third party. Cheers, Plato

JonesPlantation