The Dollar Collapse

I wanted to take a quick moment to let you know that if you are not already taking precautions against the collapse of the Dollar and/or increased currency controls on the USD, I suggest you take action immediately.

I’ve been moving a significant chunk of my funds into cryptocurrency and precious metals.

There may be better investments, but these are the ones that I am personally emphasizing.

If you do move forward with exchanging your USD into a cryptocurrency such as Bitcoin, I strongly suggest that you use offline/cold storage. A hardware wallet is generally considered a convenient cold storage method.

Why cold storage? Apart from ordinary security concerns, I foresee a future where the stewards of the USD become threatened by the rise of cryptocurrency and take drastic measures to control its use, similar to 1933.

In the modern day, rather than the seizure of gold, I think we may instead see services such as Coinbase, which hold cryptocurrency assets on one’s behalf, co-opted or coerced by government in order to reduce threats to the Dollar. In other words, if you leave your Bitcoin stash in Coinbase, it’s feasible that, in a crisis, you may be prevented from moving that money back out.

Regardless of your approach, I suggest taking action. Our economy is in free-fall and the “best” answer we seem to have is inflation.

Written on June 7, 2020

David Kay has dedicated his life to the technological progress of the species. He writes on entrepreneurship, health, and technology. If you found this article helpful, join his newsletter.