Cryptocurrency Seen As A Fall-Back Strategy By Forbes

Friday 18 September 2020, 12:00 PM AEST - 1 month ago

As you all know, Australia is still under lockdown due to the COVID-19 pandemic – imposing one of the strictest set of measures worldwide. According to a recent Forbes article, the pandemic might be a good reason for Australians to have some bitcoin set aside – which many young people seem to have done in the earlier stages of the epidemic.

Gold May No Longer Be The Most Independent Asset

Clem Chambers – a Senior Forbes Contributor and the CEO of stocks and investment website ADVFN – feels shocked that Australia has imposed such severe measures on its own citizens, likening the current restrictions on travel to those imposed by states behind the former Iron Curtain.

“ As far as Australia goes, to me, it is not just what is going on there that is so shocking, but that it can happen to one of the coolest, most advanced and democratic countries on earth. One month a free country, weeks later a not-so-open prison. “

Back then, if you wanted to leave the country, it was more or less imperative to have some gold stowed away, as your access to paper currency could be cut off at a moments notice, once the alarm has sounded. Even before that, gold was always seen as something that could get you through hard times, whether due to economic turmoil, war or social unrest.

Now, Clem Chambers argues that if the lockdown lasts much longer, Australians could be put in a situation where they would have to cross the border illegally, or deal with an economic collapse. If this were to happen, Clem believes that having some cryptocurrency set aside would keep you going if banks collapse or your assets are frozen.

While such a scenario is highly unlikely, one should always prepare for unforeseen circumstances – and with cryptocurrencies, you can do so while also diversifying your investment portfolio.

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