I’m not against Bitcoins. I just don’t think the government will allow them to replace dollars and they are far inferior to gold as a store of wealth. Would you rather give your grandchildren a bag full of gold coins or a laptop?

I actually think you just misunderstood exactly what bitcoins are, it is impossible as in a statistical chance of 2^256 of a single counterfeit (its called a collision) to occur. And you were saying the IT people would not trust it, which is silly if they know any math. If the encryption for bitcoin is ever broken (which it will not be) then all banks, passwords, and just about anything encrypted you can think of will no longer work either so money will have no value anyway. And as for bags of gold. I would rather my children be capable of supporting themselves, even a barter system would be better than what we have in place currently. And gold plated tungsten never had much appeal to us either. If bitcoins were to replace the dollar, our country would just start using it, and there would not be any worries of counterfeiting anymore, or the gov deciding to inflate/deflate the currency since there is a set amount of bitcoins possible (21 million) that can ever be printed. The funny part is I dont even use bitcoin, I use litecoin, but the principles are similar. And litecoin last night broke the 2$ all time high https://btc-e.com/exchange/ltc_usd so its not that difficult to see how much everyone values the dollar or gold both of which have not had great track records.

Most people mistakenly trust fiat currency produced by banks. The few that don’t trust government own gold and other PMs. Bitcoin, et al, is a fad for geeks and the general public will never trust it or understand it. and that is a shame because it is far superior to paper money.
 
 
Michael Pento
President: Pento Portfolio Strategies
www.pentoport.com
mpento@pentoport.com
O (732) 772-9500
M (732) 213-1295

Keep an eye on the news, your opinion may change in the next few months.

Hope you’re correct.