Hi All 👋
It’s a bit of a long one. So apologies in advance 🤦♂️.
I’ve been stacking for a little over two years now (basically since “this” all started). The other day I was talking to friend of mine (who’s heavily into crypto) and he asked me why I do it. I explained that I don’t do it as an “investment” or to “get rich quick”. I stack for several reasons. Savings, hedge against inflation, wealth preservation, staying out of the system and a protection against a financial meltdown. However I also added that I like the fact that there’s no third party liability (if you don’t hold it, you don’t own it, as the saying goes) and if (as is happening to many around the world right now for no apparent reason) my bank decides to press a button and freeze my account, I still have a way to feed my family. Sell some bullion to get cash and buy food, pay bills, etc. He understood this and thought it all made sense.
However he asked me a question that I couldn’t answer and one that I’m putting out there for some responses. He asked me what I would do when CBDC’s are introduced and cash is taken out of society. He acknowledges that I’ll still have the bullion to sell, but if cash doesn’t exist and banks are controlling what people can spend or not spend their money on (or even freezing accounts if you’re “not following the rules”), how will having bullion help? I can still sell my bullion but the money would go into a bank account that’s highly controlled and I’m back in the system. Now I did say that I’d use my silver as a form of bartering to pay for goods or services, but that’s going to take time and in a relatively poor western country like Portugal, I don’t think it’s going to be easy. If I was in the U.K, USA, or one of the other more affluent European countries, I think the barter system would be a possibility. I said I’d come back to him once I had a chance to think 🤔.
Would love to hear some opinions.
🙏🙏🙏