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Those seeking liberty now prefer digital securities like Bitcoin over gold in new survey conducted by Ron Paul

Those seeking liberty now prefer digital securities like Bitcoin over gold in new survey conducted by Ron Paul

A week ago, former Congressman and Presidential candidate Ron Paul conducted a non-scientific survey for those who follow him on Twitter and discovered that by a large margin that individuals who support him and his liberty movement now prefer investing in Bitcoin more than the long-time mainstay that is gold.

Perhaps what is also most ironic from this survey is that Ron Paul has been a staunch advocate of gold as a means of both wealth protection, and security against the Federal Reserve, and in fact he was part of the group that led the government to allow Americans to once again own physical gold after President Roosevelt outlawed its ownership back in the early 1930’s.

Results of the survey:

As of press time, over 70,000 people have participated in the survey. Of the total polled, 54% claimed that they would opt to accept the money as Bitcoin, while 36% would take it as gold, and just 2% want it in dollars.

Eight percent of the respondents, meanwhile, claimed that they want to receive the money in a 10-year US Treasury bond.

In his response to Paul, entrepreneur Rodolfo Novak tweeted that he also favors Bitcoin as gold is no fun anymore:

‚ÄúBitcoin. Gold is no fun anymore.‚ÄĚ –¬†Zerohedge

Bitcoin in many aspects has become more of a threat to government control than it has to sovereign currencies themselves.  And by this we mean that a large portion of Bitcoin buyers have made their purchases as a means to escape capital controls imposed upon their financial systems, rather than in use as a medium of exchange for commerce.  And even now, most Bitcoin owners questioned have little intention of selling or using their Bitcoin for a long period of time in the hopes that the price will skyrocket even more.

Ironically, gold more than Bitcoin still remains the primary barometer of the health of a particular sovereign currency, and it is perhaps why the powers that be have worked much harder to try to suppress its price rather than go full bore after the cryptocurrencies.¬† And it will be an interesting drama to watch over the long term on whether gold will remain the go-to asset for wealth protection, or if cryptocurrencies like Bitcoin completely take over gold’s former status.

Kenneth Schortgen Jr is a writer for The Daily Economist, Secretsofthefed.com, Roguemoney.net, and Viral Liberty, and hosts the popular youtube podcast on Mondays, Wednesdays and Fridays. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.


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