Community Trust ScoreVerified
Peter Schiff keeps expressing his ideals every day not able to accept or digest the media hype for anything Bitcoin. However, it just looks like his criticisms are just propelling the growth of Bitcoin BTC. Those who have or are planning to invest in BTC would do well checking in to Schiff’s assertions and it also helps to have clarity about how real-time investors react in their own way to what Peter has to say.
Peter Schiff Shared: In Oct. of last year with much fanfare and media hype two Bitcoin futures ETFs came public. BTF & BITO. Shares of these ETFs are now down over 40%. During the same period, the NASDAQ rose 2% and #gold is unchanged. Hey Saylor, how is Bitcoin the best property?
Community Response: Bitcoin is a global financial asset that is still in its infancy. Continue to accumulate. In 2 years, we will be 10X+ from here. Bitcoin.
How can you know that? For all you know Bitcoin is a fad, and it’s already reached its peak.
Why so much hate? Honest question: What does it matter that some people like bitcoin? What does it matter that Saylor likes bitcoin? I prefer Diet Dr. Pepper to Pepsi Max, but I don’t rail against Pepsi Max every minute of every day. YOU DON’T LIKE Bitcoin. WE GET IT. Move on.
1. Misallocation of resources. Time energy money that could have been used productively but is wasted 2. Friends & family that bought into the hype and are losing their shirts 3. Larger implications of a crash on the broader economy 4. The long-term optical damage to dollar alternatives.
Do you think bitcoin would have hit 67k without easy money from the Fed creating speculators ready to gamble in crypto? It’s not a free market. Just like real estate in 07, crypto is in a bubble created through centralized monetary policy. It’s a mania and pain is coming.
It solves a very big problem for governments moving at the peak of the digital age. Will it drop more? Maybe but gold has been obsolete for decades because it’s so slow to clear. It will be the go-to in the next crisis I’m sure but all of the golds same issues will arise again.
Governments aren’t going to give up their fiat currencies for a decentralized, anonymous fiat currency. Especially one that can move 10% in 3 hours. Ppl won’t adopt that either. Also, don’t look now, but gold is a couple of weeks away from outperforming BTC YOY.
The Thing is: might not be up to govts to decide. Western debt loads mean the market might make the decision instead. And if we’re doing comps – tell about Gold v BTC over 2,3,4,5,6,7,8,9,10,11,12, and 13 years.
Always up to the governments? George Soros vs Bank of England. Game. Set. And match. Markets are ultimately more powerful than governments. Always have been when necessary. History proves that time and again.
Unfortunately for Bitcoin, fundamentals and economic fundamentals are more powerful than speculative markets. It’s fiat, just like USD. Backed by nothing. Doomed to fail.
And who would store the commodity? Which country would you trust? China? Who would audit and verify it? Bitcoin is the definition of hard money and you can do all the above yourself without 3rd party trust. That’s the whole point. No one can manipulate it.
Bitcoin is backed by the fact that it peer-to-peer decentralized money. It cannot be recreated as it would be shut down immediately by governments. You can only do it in the early stages of creation because of the strength of the network.
Being “backed” by a network isn’t the same as being backed by a commodity. That’s like saying dollars before the Fed wasn’t backed by gold, they were “backed” by a vault.
I own commodities. But I’m aware that when they are needed, people want to take them from you. People also don’t know how to value them when it comes to day-to-day commerce.
Dude Bitcoin’s price moves faster and is more volatile than pretty much anything in human history. How much was bread worth in bitcoin in November vs today? How about since noon? That won’t change. It has no base for a price because it has no utility outside speculative trading.
