In his recent article on Forbes Crypto Guru, & CEO of Online Blokchain OBC and ADVFN, Clem Chambers sas that "Bitcoin will then take over gold’s primacy as the place to stash money for times when the wheels come off global stability"
He explained that what caused Bitcoin sudden unexplained spike was Chinese devaluation. "It was the insider reaction to imminent, planned, significant and perhaps rolling Chinese currency devaluation that set off this rally. It was a group of insiders buying bitcoin for Chinese yuan before the devaluation that took place two days later struck. This devaluation process has been going on for weeks but it accelerated last week. Very rich and powerful people, in the know, dumped their yuan for bitcoin as bitcoin may as well be dollars and can become dollars quickly. If the (Trump) trade wars go into meltdown then bitcoin will ‘moon’ because huge amounts of Chinese currency will be swapped for BTC as the yuan-denominated super-rich move to be hedged from the wealth privations of devaluation. Bitcoin, not gold, is and will be the asset they will run to first."
Conclusion: "Crypto, and right now bitcoin especially, is the new gold. It is better at doing what gold lovers like to do with gold, store it for the day before the end of the world when they expect gold will be the only thing that will retain value. Even without crypto replacing gold for this job, gold isn’t actually good insurance for when the world comes unpicked. As people that swapped their gold for a cigarette in WW2 found out, gold is not great money. However, there is a market need for an asset as insurance again disaster and gold has filled that niche for a very long time: it is now losing the niche to bitcoin and losing it fast."
We should definitely look at Bitcoin, but...a part of it- it is no fun to tip the king of the hill- which are other cryptocurrencies that we should consider?
Clem's 3 favourite cryptocurrencies are:
Monero. "In this surveillance world we live in, privacy is becoming a rare a valuable thing. Monero has strong privacy. It also has a team committed enough to fork the currency once they were sure the ASIC producers had got a machine that crack ASIC resistance and were mining it to death by centralisation. Strong development, strong privacy, strong brand, that’s a good combination."Plus1coin. This is Clem's baby and its great to see its first use cases come alive." Plus1 has risen 300% since around April. A coin with a use case is a rare thing and Plus1 social validation use case is gaining traction in the US and UK. People often think Bitcoin came out of nowhere overnight, but the truth is it takes years for a cryptocurrency to be an overnight success. Plus1coin is on its way and it has a very small market cap and therefore a huge upside potential." for more check here: https://www.cassiopeia-ltd.com/2018/01/Online-Blockchain-and-ADVFN-Working-together-to-educate-crypto-investors.htmlDogecoin. "Dogecoin is the epitome of a decentralised coin. It has a lot of solid attributes and it also has a big brand. On top of that, it has a small market cap for its brand and will really move up big time, when the next leg of the crypto-boom strikes."