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Peter Schiff shared: Bitcoin’s market value relative to altcoins is now 39.3%, its lowest since June of 2018. It appears poised to test its Jan. 2018 low of 32.8%. No crypto is truly scarce. As Bitcoin sinks it will ultimately drag altcoins down with it. If Bitcoin fails no other coin can succeed!
Community Response: Gold’s market share as a store of value is decreasing relative to crypto’s multi trillion dollar market cap. Explain that.
Crypto’s current market cap has nothing to do with gold, and never has. It’s just a bubble. When the air comes out the entire market cap will vanish.
Always has, the whole earth market cap is there, even though FED and other countries have been printing more money, but when smart people like us figure out the tech and the ROI of crypto, we take our partial of our investment from gold or property and move to higher r/r product.
What do you produce with Bitcoin to have a ROI? Where does it “value” comes except from speculation (hence, bubble)? With gold or stuff you build electronics or other stuff that you sell to someone else.
BTC is a currency. Just as I wouldn’t expect ROI from the dollar I don’t expect from BTC. To say that the value attributed to gold comes from its usefulness in the industry is to ignore that the percentage used for this purpose is very small compared to all mined gold.
At least, gold has some purpose in building real, buyable stuff that bring ROI. Where is the stuff built by Bitcoin? Hence, you should not compare the two. The crypto ROI is just speculation which will end at some point.
Altcoins don’t compete with Bitcoin. There are 2 main crypto categories: BTC, and everything else.
Same when it comes to people I listen to on Twitter, Peter Schiff and everyone else.
If you are going to keep talking nonsense about Bitcoin, short it and show proof.
Once you include inflation, your fund is down around 30% in 7 years. Seriously, with all due respect- who in the world are you to talk about investing? Give it up.
BTC already failed for payments utility, so now the use case is that it just exists (store of value with no purpose) other coins will rise in time and BTC will be dethroned and honestly, that’s ok. It’s great that it is the 1st and the market was created, but being the 1st isn’t enough.
Peter is a Genius, his whole strategy is to trigger crypto folks by bashing Bitcoin, which does not cost him anything. In exchange, he gets all this limelight from crypto Twitter for free. No advertising cost for his gold business. Money made in gold is invested back in crypto.
PlanB’s S2F model does not heal all wounds; it just gives them space to sink into the subconscious, where they will continue to impact emotions and behaviour. What heals is going inward, loving BTC, accepting BTC, listening to BTC podcasts, addressing your attachments alt coins.
If Bitcoin fails no other coin can succeed, and if Bitcoin succeeds all other coins fail. Allocate accordingly.
Total crypto market cap is going up while bitcoin market cap goes down. So, now you’re saying bitcoin is not crypto because people are choosing to allocate more of their wealth to non-btc digital assets? It’s different, but only because it can’t keep up with innovation.
