Famous gold investor: Hold Bitcoin to prepare for the coming market crash

Mike Maloney, founder of precious metals broker GoldSilver.com, said holding cryptocurrencies such as Bitcoin is one way to protect yourself from shifts in the global monetary system.

He said "something big and very dangerous" was coming soon and that everyone needed to be prepared.

'Disaster is coming'

Mike Maloney, who wrote a famous book on how to invest in precious metals, said in a video speech that the coming market crash is the first bubble in history that involves all parties:

"Back in 2000, stocks were a bubble. In 2008, stocks and real estate were bubbles. This time, stocks, real estate and bonds are all bubbles, and they are the biggest bubbles ever. When the bubble bursts, it will be catastrophic for most people, but it doesn't have to be a disaster for you."

He added that the answer to how to prepare for this roller coaster crash and embrace the potential of a new world monetary system — a new system emerges every 30 years, he discovered while researching his book — has become more complicated than relying solely on gold and silver.

There are alternative monetary systems

He stressed that cryptocurrencies cannot be relied upon completely, as they are worthless without an internet connection, explaining:

“You want to have an alternative monetary system that is ready and actually exists today. They’re called cryptocurrencies. Cryptocurrencies started with Bitcoin and there are many other cryptocurrencies today. I own some cryptocurrencies. It’s not a lot, but I think it’s important to have some because if the monetary system collapses, you will be able to use cryptocurrencies to trade with other people instantly, including over long distances. You can do it over the internet, just like you use a credit card today.”

Advice from Steady Bear

Unlike those who see Bitcoin as a competitor to gold or a risky investment, Maloney's recommendation of Bitcoin as an online trading solution seems to be in line with the views of David Tice, former manager of the Prudent Bear Fund.

Tice said in the interview that although Bitcoin has always been pessimistic, it does have a lot of investment significance, especially on the basis of trading, Bitcoin has the potential to make investors profit.