First of all, my call for Bitcoin, when it was in the $40's to trade up to $150 based on Cyprus chaos (+/- 2%) looks to have been prescient. The crypto currency did exactly that.
A print of $150 was recorded this morning followed by a reaction to the mid $120's.
Many bitcoin'ers are now sitting on massive gains. But because it is such a fresh concept and a brand new take on both currency and economics, finding a suitable hedge for Bitcoin is a topic completely undiscussed until now. I think silver provides a great place for some Bitcoin profits to go to give investors (and miners) a way to preserve wealth without reinvesting proceeds right back into the corrupt banking system. Remember, BTC was created, in part, as a reaction to the incredible wave of corruption and fraud we've see committed by central banks and 'banksters' on Wall St. and in the City of London. So recycling gains back into the system whose corruption spawned the need for Bitcoin in the fist place is counterproductive.
Additionally, according to my analysis, as Bitcoin's market cap continues to approach the market cap of silver, approximately $29bn. (implying a medium term target price for BTC of $2700), more capital will trade back and forth between these two asset classes as the enemies (or should I say victims) of the US dollar continue to operate outside the 'terror zone' of America's Federal Reserve Bank. This is a positive for currencies: silver and Bitcoin.
For new positions, consider pairing Bitcoins with silver. Any
money leaving the clutches of the financial terrorists on Wall St.
and Washington gets us one step closer to a freer world, free trade
and freer currencies.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of RT.