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Gold Bitcoin Exchange

Bitcoin ATMs in Cyprus?

Written by Jeff Siegel
Posted March 28, 2013

Bitcoins.

bitcoinacceptedThey're all the rage these days.

The decentralized currency based on open-source Internet protocol is quickly being turned to as a potential safe haven. Particularly in Europe, where the global elite had no problems raiding the savings accounts of everyday folks living and working in Cyprus.

I don't have to rehash the story here. You know how it went down.

Blatant bank raids in the middle of the night welcomed the world to the reality of tyrannical governments owned by tyrannical banks. It's a reality that we all must face in an age of unbridled globalization where a handful of kings and dictators call the shots behind the backdrop of fiat currency, surveillance drones and a red velvet rope to keep out the undesirables.

We've actually been warning of this day for years, screaming from the rooftops to buy gold, guns, seeds and soil. Because make no mistake about it, the money in your wallet and in your bank account becomes worthless when the proverbial poop hits the fan. Just ask they Cypriots.

Of course, due to what we've seen over the past few weeks, perhaps we should consider adding bitcoins to that list.

A Bitcoin ATM?

There's no doubt that there is a certain amount of risk involved with buying, owning and selling bitcoins. After all, this is all very new, and untested form of global currency. But these days, it's also extremely risky to rely solely on dollars, yen or euros. This is why we've been loading up on gold for years, and continue to do so.

But I am definitely starting to see those who seek safety and security in the form of gold, showing more and more interest in bitcoins. And certainly the value of bitcoins has soared with this recent bank scandal in Cyprus.

So I've been doing a bit of digging lately, trying to better understand bitcoins to see if they do present an opportunity for those who – rightly so – no longer have any faith in “the system.”

I can't say I've come to a full conclusion yet, but I did uncover something very interesting today that I'd like to share with you.

Turns out, a group of investors are now looking to open the very first bitcoin ATM machines. I'm serious. This bitcoin ATM would essentially work as a sort of bitcoin exchange and allow you to deposit fiat currency and receive bitcoins in your account. It would also allow you to send bitcoins and receive fiat currency.

I have to say, if this bitcoin thing has any legs, those who jump on this ATM opportunity first could stand to make a small fortune.

Of course, while we are certainly excited about the prospect of bitcoins, our faith remains in gold.

Bitcoins or Gold?

Bottom line: We continue to invest in gold because it serves as a proven hedge against any economic, political, social or currency-based crisis.

Now while we do own some gold production stocks and gold ETFs, most of our gold portfolio is monopolized by physical gold. And we're not the only ones.

Just last week we learned that central banks were increasing their purchases of gold, adding 534.6 tons to reserves in 2012. That's the most since 1964! And Barclays recently predicted that government purchases were expected to hit 300 tons this year.

There's no doubt about it. If you want to grow and protect your wealth, gold continues to be your safest bet.

To get a better understanding of gold investing, and to take a look at three of our favorite gold investment portfolios, check out this Investing in Gold report here.

 

 

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