Bitcoin is up 70% since the banking crisis for a reason: People are finally waking up to the crucial importance of counterparty risk. What's that, you ask? It's the pesky possibility that your financial counterparty might blow your money on something stupid...
Turns out that by depositing your cash in a bank, you were actually taking a gamble with the bank itself! And there was some serious counterparty risk at play. Oops! Those greedy bankers lost people's money, and the government had to step in to save the day – costing us all with monetary debasement and inflation. But here's the kicker: You can be your own bank. By holding your own bitcoin, you eliminate counterparty risk completely.
