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by HWR_14 1138 days ago
Or they could put the money in stocks or gold or other assets.

But note "assets" and "savings accounts" are not the same thing, and confusing the two is pretty bad.

2 comments

Stocks -> can be seized by governments where the exchanges or actual companies are based.

Gold -> Good, and Bitcoin is like Gold in many aspects. While it doesn't have Gold's history yet, it has a few other qualities like easy transferrability and divisibility.

Other assets -> Like? ForEx is at the mercy of issuing government (just ask Russia who lost ~300B$). Land can be seized if it's outside one's jurisdiction.

In general, Bitcoin (like Gold) is a great asset to park some fraction of your wealth as a hedge against geopolitical risks.

Bitcoin is not like gold in one important aspect that chiefly matters for a long-term store of value: it's much more volatile.
It's difficult to buy stocks if you don't even have a bank account. Why wouldn't Bitcoin be a "savings account"? I use it as a savings account, it's really great. I put money that I don't need today there so I can have the same or higher buying power in the long term, regardless of inflation.
BTC is an asset that moves around a lot.

If I put money in my savings account, I can use it tomorrow. If you put money in your BTC savings account a year ago, your BTC is worth less than money under a mattress (or in a modest yield savings account).

You may want to invest in BTC, and that's absolutely fine! But it's not a savings account.