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“Every agency out there’s looking at cryptocurrencies—making rules about cryptocurrencies—from the IRS to the FCC, and the list goes on and on.”— Todd Graf, Scottsdale Bullion & Coin precious metals advisor
If you’re looking for privacy in your investments, then you should now this: not all alternative assets are created equal. Take cryptocurrencies, for example. Sure, they’ve seen rapid price increases lately, and they’re decentralized—but the parallels with gold and silver stop there.
In fact, Bitcoin is the least private investment on Earth. Every transaction is recorded on the blockchain for the whole world to see. Forever. Even a bank or brokerage could offer you more discretion than that. Such transparency, however, is part of the allure of cryptocurrency for many investors who aren’t concerned about taxation or wealth confiscation.
With some gold and silver products, on the other hand, you don’t even have to fill out a 1099 tax form or give up your Social Security number. Which ones? Order your FREE Investment Grade Coin Report to see.
Gold & Silver vs. Cryptocurrencies: Which Is the Riskier Investment?
Then there’s the risk for which cryptocurrencies are becoming notorious. Cryptocurrency scams cost consumers nearly $82 million in Q4 of 2020 and Q1 of 2021 alone. That’s a 10x jump from the same 6-month period a year earlier, reports the Federal Trade Commission. Guess who the biggest losers were? Individual investors targeted via social media.1
Cryptocurrencies may be new money. Cryptocurrencies may be fast money. However, cryptocurrencies certainly aren’t digital gold in terms of privacy and safety. See precious metals advisors Todd Graf and Steve Rand’s coverage of cryptocurrencies vs. gold and silver in this week’s The Gold Spot video. Watch Now.
If you can hold an asset in your hand, you’ve already reduced the risk of your investment considerably. A home safe, bank safe deposit box, or even third-party storage facility can minimize your risk of theft even further. This makes gold and silver the ultimate asset for privacy, protection, and safety. It’s no wonder precious metals have been a store of wealth since the days of kings and pharaohs.