These goddamn metal-blockheads!
If they would think outside of their silver boxes for once, they would see the bitcoin light and buy in hordes.
Seriously, it's such a perfect fit for their frame of mind... yet they have such an aversion to anything that is "not real and tangible" (which can even be argued to be the case for bitcoin) that they just cannot, for the love of their lives, even consider bitcoin.
There seem to be exceptions, like Brother John F, who has been reporting on bitcoin and it's awesome features a couple of times in his show ("Silver Update" on youtube). Unfortunately he stopped doing it, because, I think, he received too much negative feedback from his viewers.
They're emotionally (and financially) invested in PM's. So even though Bitcoin is the enemy of fiat and should be seen as an ally a la "the enemy of my enemy is my friend," Bitcoin also seems like the "enemy" of PM's. I think with this crowd, you need to present Bitcoin as a complement to PM's rather than a competitor. And I think that's totally fair. Bitcoin is so tiny now with such enormous potential upside that fiat skeptics / PM-bugs should at least consider taking a small position. If and when Bitcoin becomes big enough to steal significant market share from gold or silver, they won't care because their bitcoins will be worth so much. And if Bitcoin proves to be a flop, who cares if you only invested say 1% of your savings?
I mean, I can understand skepticism of the "it's new and it will probably fail" variety, but to be completely dismissive of Bitcoin? To not be at least a little excited about its revolutionary and disruptive potential? That I don't get.
Bitcoin/cryptocurrencies won't steal market share away from precious metals. Not the way I see it. I'm writing a post that explains it.
I believe the world will return to gold as the primary store of value. Central banks around the world already hold it, and people worldwide continue to recognize gold's value even if it's not easily exchanged. Currently the world pegs everything against the dollar, which is the world's reserve currency. That is ending.
The dollar fiat is self-destructing, and will probably take most other fiat with it. It's an interesting time...
I say interesting because if fiat wasn't already self-destructing this revolutionary currency technology we're all a part of would soon likely do the job anyway. Fiat currency can't compete. It's a choice between currency which can be inflated and manipulated or currency, such as gold or bitcoins, which can't. So the timing is right on. Fiat will take a back seat or disappear altogether and gold and precious metals will take the lead.
The reason cryptocurrencies won't replace precious metals is their value will be volatile for many reasons which I'll explain in my post. People will, IMO, hold precious metals for their primary store of value and use cryptocurrencies to trade.