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Investing in gold is one of the wisest decisions that you can make as an investor.

There is no more reason to believe that Bitcoin will stand the test of time than that governments will protect the value of government-created money, although Bitcoin is newer, and we always look at babies with hope.

If we did go into a recession, something that's always possible for the U.S. or Europe, we could lower interest rates and expand the money supply without worrying about the price of gold.

Bitcoin's got its issues. But it is not competing with perfection.

At its core, bitcoin is a smart currency designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions... all good things.

If you want an alternative currency, check out gold. It has stood the test of thousands of years as a store of value and medium of exchange.

If the world does well, gold will be fine. If the world doesn't do well, gold will also do fine... but a lot of other things could collapse.

One day we're going to look back at $1,700 with nostalgia. People are going to be shocked at how inexpensive gold was when it could be snapped up for such a bargain price.

Bitcoin, in the short or even long term, may turn out be a good investment in the same way that anything that is rare can be considered valuable. Like baseball cards. Or a Picasso.

Gold has intrinsic value. The problem with the dollar is it has no intrinsic value. And if the Federal Reserve is going to spend trillions of them to buy up all these bad mortgages and all other kinds of bad debt, the dollar is going to lose all of its value. Gold will store its value, and you'll always be able to buy more food with your gold.