Is Bitcoin Unable to Survive an Apocalypse?

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An American investment manager, Jim Chanos, recently spoke his mind about Bitcoin and essentially stated it could not survive "the coming apocalypse". In a CNBC article, he stated:

This is simply a security speculation game masquerading as a technological breakthrough in monetary policy.

Bitcoin is still the area for people who are trying to avoid taxation or other examinations of their transactions.

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Mr. Chanos seems to have a very low opinion of Bitcoin and called it a "fraud cycle", referring to Bitcoin's spike of nearly $20,000 last year. Not only that, but he made some comments that should make a person question why he would say such things. Business Insider reported that Mr. Chanos agreed that Bitcoin is a "libertarian fantasy" and stated the following:

For those who believe it's a store of value in the coming apocalypse, the idea is that you're going to have to safeguard your key under a mountain with fingerprint and eye scan security while the hordes are outside your bunker trying to get in to use it — for what, I have no idea. Because for those who believe that you need to own digital currency as a store of value in the worst-case scenario, that's exactly the case in which a digital currency will work the least. Food would work the best!

CNBC reported:

'In the worst-case scenario, that's exactly the case in which a digital currency will work the least,' Chanos said. 'The last thing I'd want to own is bitcoin if the grid goes down.'

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Realize, this man predicted Enron's fall, so could this be indicative of the following?

He thinks or knows a technological disaster is at hand
He is dissuading people away from Bitcoin and cryptocurrencies

There may be some truth to both of those thoughts, so if there were to be a technological disaster, would he be correct in his statements? For the most part, yes. Any cryptocurrency that is not backed by a tangible asset is at risk of collapse and being lost. Of course, those who have paper wallets may think they are completely safe, but if it is a cryptocurrency that is not backed by anything it will most likely lose its entire value.

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This is why it is important to invest wisely! GODcoin will be backed by gold and silver, so even if there is a down grid, EMP attack, or global economic collapse, it will still hold its value pegged to the precious metals. Gold has always been something revered with a high value for as far back as history can write and will continue to be in the future. Even in the event of an apocalypse, it will still be a highly valued and sought-after commodity. Whether or not any of these apocalyptic events occur within a short amount of time, it is inevitable that it will happen so it is best to invest wisely now so you don't have to worry when the storm finally hits!

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There are many advantages to GODcoin especially since it is one of the few coins that will be backed by gold and silver. Not only does GODcoin offer the illuminated path towards a prosperous future, but very soon, it will be the global currency. To learn more, visit the following links:

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