You’ll have hope the government comes to the rescue… and stand in line to get your savings back. So, if your bank goes bust, good luck getting it. The bank promises to pay your money when you go to withdraw it. Your deposits are a liability of your bank. Otherwise, you won’t see why bitcoin and gold are so important. I’ve been writing about this a lot lately. That’s completely different from “money in the bank”… But if you own gold coins, that’s relatively easy. With gold bars, you’d have to lug them somewhere to transact with someone in person. You don’t need a third party to access it. You can keep gold somewhere safe at home. And nobody can access your funds without your cryptographic key.Īnd you can send and receive bitcoin to and from anywhere in the world 24/7, 365 days a year. You can self-custody your bitcoin in a digital wallet app. Gold has been used as money for nearly 4,000 years. dollar bills were the only bearer instruments Uncle Sam still printed up.īut gold and bitcoin also fit the bill… On the surface, gold and bitcoin seem very different… By the time Die Hard hit the big screen, U.S. government from a vault in an office building he’s hijacked.īut that’s actually a plot hole. These are what the movie’s villain, Hans Gruber, steals from the U.S. If you’ve seen the 1988 movie Die Hard, you’ll have heard of bearer bonds. So, bearer instruments allow direct transactions between two willing parties without the need for a bank or middleman. If you have it in your possession – if you’re the bearer – it’s legally yours. The note you have hand is what’s known as a bearer instrument. So why did Teeka call bitcoin the new gold? Pull out $20 from your wallet…
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