In today’s episode of the 24/7 Wall St Podcast Doug McIntyre and Lee Jackson discuss bitcoin vs gold, and which doomsday currency would survive a complete collapse of the electrical grid.
Transcript:
If you’re looking at commodities, and I saw this today, gold has often been just like the total if everything goes to zero or if oil goes to 150.
But the one interesting thing I heard today is gold versus Bitcoin is that What if the electric grid went down in some sort of mass explosion? Which it could. Right.
Well, how would you ever get to your Bitcoin if the electric grid goes down?
So I think that’s why people are going to Costco to buy gold.
Yeah, leaving aside whatever people think about Bitcoin. That’s a very good… Right.
You know, at some point, we’re not going to do it today, but it’s worth looking at what happens to various parts of the investment world if the grid goes down, because it isn’t just the problem of overuse of electricity coming down from Canada, in my case, in New York.
It’s… You know, there are people who’ve hacked into this. Probably the Chinese haven’t done anything about it.
Don’t know if today they can do anything.
But the idea that the grid or pieces of the grid could come down in the United States.
Again, there are places, there are some flights to safety there.
They’re not a lot. No, not at all. I mean, that’s what we’re talking about.
Going back over, let’s go back to gold for a second.
Everybody thinks gold, gold, gold.
What are the other precious metals people should look at?
You know, most of them, especially mined commodities, they’re useful because they’re so used in industry.
Yeah. Silver, copper, things of that nature.
Other precious sort of metals, I guess, to some degree, uranium.
But not many people are holding that.
I don’t think so.
Yeah, I don’t think any are.
So I guess gold is going to be your winner, especially, again, since it’s being sold at Costco in great bulk.
I guess that’s the place to go get it instead of mining.
Yeah, I think that’s true.
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