Ed Moy, a former U.S. Mint Director, has recommended cryptocurrency like bitcoin as one of three useful ways to diversify your personal portfolio, according to Newsmax’s finance section.
As long as the Internet exists, digital currencies such as bitcoin will have value, and they are beyond the reach of government and banks at present. In addition to investing in digital currencies, he recommends hoarding cash and buying metal bullion coins.
Moy, who served as the 38th Director of the U.S. Mint from 2006 to 2011, is a member of the advisory board of Virtual Mint, LLC, which creates customizable cryptocurrencies for sovereign central banks. He is also the chief strategist for Fortress Gold Group, which provides gold Individual Retirement Account (IRA) rollovers and physical silver and gold bullion coins. A Personal Story
Moy related a personal story from half a century ago when his paternal grandfather in China gave his future daughter-in-law a wedding gift of a pure gold bracelet and a necklace. His grandfather, who had lived through wars, unstable governments and bank failures, viewed gold coins as a way to ensure his family would have money in event of future economic turmoil.
While the United States today is not the same as 20th Century China, the current times are still uncertain, making Moy’s grandfather’s gift relevant. Much of the world economy is in recession. World financial institutions are often undermined by techno terrorists and cyber thieves.
This being the case, Moy thinks it is a good time to consider ways to protect one’s earnings during times of economic uncertainty. Diversification And Portability
He views cryptocurrency as one of three avenues for diversification and portability. Think of them as another currency like the dollar or euro, but the difference is that as long as there is an Internet, holders will have […]
