In Bid To Protect Savings, Doomsday Preppers Become Bitcoin Buyers
Bitcoin has already repeatedly proven its resiliency. But is the current number one cryptocurrency by market cap resilient enough to survive the apocalypse? Some say yes.
Preppers Start Hedging Bets on Bitcoin
The need to be in control is more than an urge for many doomsday preppers. Whether it’s being in control of shelter, food resources, and general supplies, these so-called “preppers” spare no precaution in making sure they’ll achieve self-sufficiency in the face of numerous potential global catastrophes.
And it’s the self-sufficiency that comes with bitcoin that’s making the bellwether cryptocurrency increasingly popular in doomsayer circles.
Consider the example of Wendy McElroy, a prepper based out of Ontario, Canada, that’s turned to bitcoin out of the belief that it would be a superior store of value to most other alternatives.
“I consider bitcoin to be a currency on the same level as gold. It allows individuals to become self-bankers. When I fully understood the concepts and their significance, bitcoin became a fascination.”
In the introduction to her book Satoshi Revolution, McElroy explains in further detail why she thinks bitcoin is an insulator against catastrophe:
“It is a people’s currency. Bitcoins move seamlessly through a world without states or borders, obeying only the command of individuals who choose to deal with each other. Immune to currency manipulation and inflation, they do not serve the powerful elites at the expense of average people.”
Underlying Blockchain Able to Endure Global Disaster?
To this end, Harvey notes that while “It may be difficult” to access bitcoins during a disaster, “once things start returning to some level of normality, then the blockchain will return as it was before the disaster.”
Talk about immutable, right?
With this dynamic in mind, Harvey even argued that “the blockchain does not need a specific place or a specific person to survive—that’s a strong survival tactic.”
Gold Losing Its Status?
One of the main reasons the prepper community is abandoning gold in favor of bitcoins is because bitcoin appreciates considerably more rapidly than gold – or at least has been in recent years.
The anti-inflationary scarcity of Bitcoin is more pronounced than with gold, making it primed to appreciate exponentially.
Precious metals researcher Philip Newman said gold’s simply not exciting for the prepper community anymore in the way that bitcoins are now:
“It’s definitely had some impact on the market. People see bitcoin prices going to the moon. No one thinks gold is going to the moon.”
Strangely, then, could the fringe doomsday community be one of the first demographics to tangibly highlight the shift from physical, to digital, stores of value?
We’ll have to wait and find out.