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Peter Schiff Shared: According to Saylor value stocks, real estate, commodities, and gold are all weak assets while Bitcoin is the only strong asset. The further Bitcoin falls, the crazier Saylor’s sounds. Since Bitcoin still has a long way to drop, it won’t be long before he’s certifiably insane!
Community Response: Peter come on man, pull up a chart of $GOLD. It’s done nothing the past decade. It’s lost to inflation. $BTC has financially retired so many people and saved people around the world.
Bitcoin will fall and your charts won’t mean anything. You’re just paying off other people. Their getting rich off you. Bitcoin is a negative yielding asset. Once people wake up, there will be so many sellers.
Well, can you explain in detail why this is the case? I would like to hear the analysis that preceded this claim, so I can be better informed.
No use case. Early whales waiting to unload. Those that got in at 2015-17 waiting to see whether it goes up further or time to cash out. Who holds the bags? 2020-2021 holder who bought at 40k+. For them to make profit need new blood in market.
It’s true though. Bitcoin is the strongest asset that has ever existed.
Nope. Energy costs to main are too high. $60m/day of mining fees = ~2% of market cap. New coins will replace. $BTC doesn’t scale. Layer 1 apps are not really good.
The last I checked; Bitcoin mining was profitable even at the most expensive electric rates. So, you my friend, have absolutely no clue what you’re talking about.
It’s not the cost of the electricity. The Energy predicament is far bigger than that.
Miners want cheap electricity. Cheap electricity comes from renewable energy sources such as dams, solar, and wind farms.
I stopped listening when he said past civilizations collapsed due to their “energy return on investment.” FYI, civilizations collapse when currencies are debauched.
Currencies were debauched as a result or as an “effect” of declining EROI. Hey, if burying head in sand helps you cope, I’m all for it.
Beg to differ. Assets that require sustained or increased Energy moving forward, are liabilities.
Look at how much energy the real estate market uses. China is about to turn on a nuclear fission reactor. There’s limitless amounts of energy in the universe. You do realize this right?
Every road for alternative energy must drive through fossil fuel Fossil fuel mines. The uranium necessary for nuclear Fossil fuel mines all the construction materials necessary to build nuclear reactors Fossil fuel is your energy used to get rid of spent fuel
The data doesn’t lie. Bitcoin is the best performing asset over the last decade averaging an annual return of ~200%. This is 100X the average annual return of gold.
What kind of an asset loses 37% of it’s value in 8 weeks (69k –> 43k)? What a joke. Bitcoin’s volatility renders it useless as an asset and as a currency.
What kind of assets other than crypto gains hundreds of thousands of its value? What does that have to do with Bitcoin not being a speculative bubble? Do you think you’re entitled as investor to those kinds of gains?
Who made gold the GOLD? People. Otherwise, it’s just any metal. Call it speculation or whatever. People give value to something. It could be gold or Bitcoin.
Bitcoin as a digital crypto currency is infinitely replicable. There are 21,000,000 BTC, but there are many other cryptos to purchase.
Gold, Diamonds, Sapphire, and Emerald as well as there are other types of minerals only used for luxuries.
This volatility is nothing new. Compare bitcoin by its adoption, maturity, network effects, hash rate, mindshare and lastly price on January 5th: 2021, 2020, 2019, 2009 Your views are so myopic that you’ve missed the boat entirely and instead will sink with your gold.
Tell that to the people that purchased bitcoin on November 9, 2022. Your bitcoins will just disappear into the ether. Gold will always be there.
Soon, Saylor will have to be bailed out by the FED for his BTC adventures. It will be very funny to watch.
Saylor has been wrong a lot and went bankrupt in 2000 dot because he was the first guy to jump on the ship without a life vest or even how to swim
Real estate can (and will if inflation sticks) be rent controlled. Without rents you only make money because of leverage. Gold has gone sideways for a decade. Who’s crazy?
