Gold vs. Bitcoin - Competitors or Partners?

This interview of James Turk and Jim Rickards by Jan Skoyles covers a lot of ground. 

All three of them are expecting major monetary system changes like we are watching for here.

In this discussion, Turk and Rickards are asked their views on Bitcoin vs. Gold as currencies to fill a void if and when the US dollar loses it sole reserve status.

Both participants make some good points and agree on several aspects of this topic. In the last five minutes or so of the discussion Rickards again brings up the idea of a gold backed SDR and repeats his view that gold could be used to back Bitcoins in the future. James Turk does not see any need for gold backing of Bitcoins and is generally more favorable in his view towards Bitcoin's role in the future.

The session is well done and well worth time to listen to as the future role for cryptocurrencies is discussed in depth from several different angles.

It is our view here that a new digital cryptocurrency concept may very well play an important role in coming years. However, we think that an asset backed version such as Klickex unveiled last year is more likely to emerge as the cryptocurrency of choice. This is because Klickex is going through the long and difficult process of getting systemic approval for its cryptocurrency.

While Bitcoin will most surely appeal to those who prefer to work outside the existing banking system, we think the Klickex version of its asset backed cryptocurrency is well positioned to gain acceptance within the system. And we think the majority of people will prefer to use a cryptocurrency that is system approved and allows for immediate transfer of funds (and virtually immediate currency exchange) anywhere at anytime. 

Keep in mind that Klickex is already a global leader in mobile money transfer and currency exchange right now. They have a well proven system that has been in use and growing now for years. We think it will position them very well for the future.

Ross Peat of Klickex explains how it works in some detail in this video.

Ross comments on Bitcoin in the last 6 minutes of his talk. He does not go into the GSD asset backed cryptocurrency. This is a new product that is still in progress for now. But you can see how Klickex already has the structure setup to accomodate its new currency when the time is right.