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What do I think of Bitcoin? Part II

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Image used under license from Shutterstock.com

While I don’t like bitcoin as an investment, blockchain technology is here to stay. What is blockchain technology? Imagine all the costs, paperwork, and third parties involved to buy a home. Just to refinance a mortgage costs around a percent, to do what? Answer: To make sure there is trust. To make sure there’s a system of recourse in case trust isn’t enough.

Blockchain technology allows two parties to do business by locking an agreement into a public ledger for all to see. Sound crazy? So did the internet back in the early 90s. So did Airbnb. Let someone stay in another person’s house for the weekend? What!? Turns out once the issue of trust is figured out, there’s a business there. The same will be true for transactions involving big time money, like real estate or bond investing, for example. There’s a lot of fat to be cut in the inefficiencies of markets once the trust thing is figured out. Stay tuned.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.

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