Wendy McElroy is ready for most doomsday scenarios: a one-year supply of nonperishable food is stacked in a cellar at her farm in rural Ontario. Her blueprint for survival also depends upon working internet: part of her money, assuming she needs some after civilization collapses, is in bitcoin.
Across the North American countryside, preppers like McElroy are storing more and more of their wealth in invisible wallets in cyberspace instead of stockpiling gold bars and coins in their bunkers and basement safes.
They won’t be able to access their virtual cash the moment a catastrophe knocks out the power grid or the web, but that hasn’t dissuaded them. Even staunch survivalists are convinced bitcoin will endure economic collapse, global pandemic, climate change catastrophes and nuclear war.
I’m not some dinosaur that refuses to embrace technology Because. But what I most definitely am is someone who tries to objectively evaluate the utility of something against what I envision my future needs will be.
I would think the people who froth at the mouth about “If you cant eat it, shoot it, or set fire to it, it’ll be useless after the apocalypse!” will lump bitcoin in there with gold as having no post-collapse utility.
As I see it, gold and silver (and perhaps bitcoin) have utility in the descent from “Times of Plenty” to “Thunderdome”.
Bitcoin does have an interesting use though…as long as there is internet you have a portable, secure, anonymous way to move your wealth. While getting on a plane from Dubai to London with a couple kilos of gold may cause some problems at customs, you can, I suppose, transport that same amount of wealth with nothing but a few passwords in your head.
Do I see a need for bitcoin in my preparations against an uncertain future? I dont think so. But Im also the first to admit that I am probably terribly underinformed on the subject. However, would I divert resources from other preparations I make towards getting bitcoin into those preparations? I would not. I’m just more comfortable with a mix of cash, metals, and, honestly, paperless handguns, as a method of doing commerce…pre- and post-collapse. (And, really, most of my ideas about a sustained collapse are based on economic issues rather than comets/Xenu/rapture/bird flu/nuclear holocaust.)
However, and this is a big however, it might be prudent to dump a hundred bucks into it and just let it sit there in case it blows up again. Much like how penny stocks are fun to play.