caseyresearch.com / November 02 2017
Justin’s note: Like many investors, Doug Casey’s longtime friend and colleague Bill Bonner is skeptical of cryptocurrencies. He’s even said that some cryptocurrencies might be more like gambling than investing.
But, similar to Doug, Bill’s looking at how cryptos hold up as a use of money. Not only do they pass the test today, Bill believes cryptocurrencies could eventually be an “even better form of money than gold.” Below, in a first-ever interview with renowned crypto expert Teeka Tiwari, he explains why…
Chris Lowe (CL), editor, Inner Circle: Bill, you’ve been writing about bitcoin quite a lot recently. And your coauthor at The Bill Bonner Letter, Dan Denning, has recommended readers speculate on bitcoin with just 1% of their portfolios. What’s your take?
Bill Bonner (BB), chairman, Bonner -amp; Partners: I’ve been watching, studying, and thinking about money for a long time. I’m coming at this from the angle of money. And money is a very interesting and nuanced phenomenon.
Gold has proven useful as money. It has traditionally been used as money because it works as money and nothing else. Gold is durable, fungible, divisible, and portable. And it is restricted in supply. Those properties make it a very good money.
For instance, you can grow a crop of tomatoes. The tomatoes will be gone in two weeks. But you can sell those tomatoes while they are still fresh… receive gold in payment for them… and enjoy the fruits of those tomatoes 50… or 100… or 1,000 years later. That’s the beauty of gold.