Cash is king, said some guy yesterday at a restaurant. I know him for a few years, not very well, he has quite some good businesses in my town, but he's definitely thinking wealth and prosperity in the traditional way.
I almost got him into crypto and the only reason he'd buy some digital currencies was the trust I give him related to this type of assets. He didn't understand much about the tech and the usability of blockchain in real life but he saw potential for turning some cash into more cash based on the trust I gave him.
He wanted me to become some sort of a trust fund for him and I don't like that. I offer technical support, to the extent of my knowledge, but don't like holding crypto for anyone. I gained his trust after just a couple of beers, vodka in his case, but couldn't make him see pass the dollar valuation of such assets.
He's attached of the palpable, of the safety of a bank and convenience such institutions offer, although I tried and explained him that you can call the bank if having problems with your account and the bank might take care of everything, but the bank can also freeze your account, take over your funds or freaking go bankrupt...
You'll never face these issues with cryptocurrency as you are the owner of your own assets, as long as the keys are still in your possession, you also got some privacy(to some extent) and it's pointless to compare cash with crypto. Considering the ways of actually using crypto and creating crypto out of thin air, as @taskmaster4450 talked about in a post yesterday, it's clear that fiat money is becoming unsustainable.
Turning cash mentalities to crypto and the finance that's being created by the blockchain technology is not going to be an easy process. For some like you and I that are into it and been using it for years, it's somehow normal, but tell that to the guy I was talking with last night at the restaurant.
I was also mentioning him that in the next couple of years I plan on decoupling myself from cash almost entirely. The topic that triggered him was the savings one. Seeing how my savings that I hold in my native currencies and EURO have depreciated even for the past year, it's clear that I have to search for an alternative.
I would definitely not choose gold as I don't like investing any type of energy in things of the past and I'm seriously thinking to turn all of my savings into crypto in about two years or something. Right now I don't know how of a good idea that would be considering that the market might go lower than the current levels during the bear market, but I play with the idea of buying crypto with all my savings in the year of the next halving.
I was called nuts for such reasoning, by someone that believes in a "mad currency". In paper money backed by actual shit and corrupt governments and nothing more. Well, this might be my life time bet and it might be a bad one, I take in consideration all sort of risks, but what if it's a winning one?
I'd say it is, I'm a blockchain believer and user for years now and planning on decoupling from the fiat mentality and holding cash in the years to come. I live off of crypto, I spend a lot of time in this digital world and I see no reason why not make it my financial reality. What do you think, would you turn your savings into crypto in the next couple of years and never go back to a cash savings account?
Thanks for attention,
Adrian
