Peter Schiff shared: What’s happening today in the financial markets highlights the many ways Bitcoin has failed. Bitcoin has failed as a haven. It’s failed as an inflation hedge. It’s failed at being digital gold. It’s failed as a non-correlated asset. Given Bitcoin’s many failures why own it?
Community Response: Peter, you get more engagement being negative about bitcoin. I can’t wait to debate you one on one and FINALLY put your argument to rest. P.S. – You should listen to your son more often.
Peter Schiff: I would get more engagement if I turned positive on Bitcoin. But I don’t tweet to fish for engagement but to inform. When it comes to investing young children should listen to their parents, not the other way around. I have a 5-year old daughter if you want her investment advice.
Community Response: I mean it would be hard for her to give us advice that is any worse than you telling people not to buy Bitcoin for the last several years. It’s probably because it’s been the best performing asset over the past 10 years?
Peter Schiff: Yes, but it’s been one of the worst-performing assets over the last year. Most people who own Bitcoin today missed almost all of those first nine years.
Maybe your time horizon is too short? Gold has had thousands of years to perform and it’s in the psyche of most people that gold is the safe-haven asset. Bitcoin has only been around for ~13 years, give it time and it will outshine gold.
Maybe you missed the memo 6 months ago about China’s mining ban.
What China banned mining again like a super mega ban – DGAF?
I think people who own Bitcoin-like making money. I understand you do not like making money since the Gold you own has lost value due to inflation over the last 10 years.
Bitcoin is an ethical vote! When you BUY bitcoin, it’s a vote FOR the separation of money and state, a vote for Freedom! When you SELL bitcoin or discourage others from buying bitcoin, it’s a vote AGAINST the separation of money and state, a vote for more Tyranny!
He acts as we live in this world where people can’t just google BTC’s price to see that it has been 10X’d since March 2020.
I know everyone’s entitled to their own opinion, but this guy is steering people completely in the wrong direction. Bitcoin has been the SMARTEST financial decision I’ve ever made. I suggest you study Bitcoin, start to understand what it is, and then decide for yourself.
Can you buy commodities? Does your grocery store accept it? Can pump gas by paying with it? In a war-torn location like Ukraine for example, to get a bottle of water and hot food the merchant selling it do you think they’ll accept gold or BTC? Just opening dialog.
Why would you want to buy groceries or gas with an asset, such as Bitcoin, when it goes up thousands of percent? (in only 13 years). When you can waste fiat (which always goes down in value) instead.
Well, there is a contradiction because both are fiat. The only difference and quite a large one is that one is backed by the United States government and SEC insured and the other isn’t. Secondly when the power goes out, and it will, how does one do commerce with a digital coin?
Steven is a technology-focused writer with a strong interest in emerging digital trends and innovation. With experience spanning both travel and online projects, he brings a global perspective to his reporting and analysis. His work reflects a practical understanding of how technology, markets, and digital platforms intersect, offering readers clear insights into developments shaping the modern tech and crypto landscape.
Get the latest Crypto & Blockchain News in your inbox.
