EP35: Josh Scigala - How Bitcoin Enhances Gold
My guest today is Josh Scigala, Co-founder and CEO of Vaultoro, a gold vaulting company which has integrated bitcoin wallets and payments.
Basically, Vaultoro is a welcomed on-ramp for hard money advocates (aka “Gold Bugs”) to easily preserve their value in the precious metal while opening them up to the amazing technological advantages of crypto-currencies and Bitcoin.
We all know that Gold is a great hedge against inflation (aka when governments print too much money), but what about Bitcoin? Do Gold and Bitcoin only compete with each other or do they have differences that are complimentary? Should we choose one or the other or is the best option a combination of the two different “free market” monies?
Josh didn’t start in precious metals and Bitcoin, but instead his first entrepreneurial experience was creating a website where women could exchange clothes. He was creating the “sharing economy” long before Uber or AirBnB ever existed. Listen to Josh’s story about how he was getting NO press coverage at all until he made a very small change in the business model and then was being mentioned in all sorts of women’s magazines and publications. What was his secret? The simplicity may surprise you!
Later, Josh decided that Gold (and eventually Bitcoin) had so much potential to allow people to become free, that he had to build a business around this idea and created Vaultoro.com. While gold has been money for >3000 years, it still has a major problem...it’s very hard to transport and spend. On the other hand, Bitcoin (another Free Market money) is quite easy to transport and spend. The combination of the two was so powerful to Josh that he focused in and became determined to build a safe, convenient storage facility and marketplace to exchange USD, gold and Bitcoin while integrating blockchain technology to prove gold reserves.
We chat about the current state of the economy, he’s failures as an entrepreneur and the difference between talk and action.
“Everyone has a $1M idea, but it’s only worth about $1 until you execute on it”.
Vaultoro homepage: https://www.vaultoro.com
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