Peter Schiff shared: During an Oct. 14th interview, with #Bitcoin trading above 57K dollars, CNBC’s favorite Bitcoin “expert” Tom Lee fundstrat predicted Bitcoin would hit $100K before year-end. It finished the year near $47K. Lee isn’t an expert, he’s a shill. CNBC isn’t news, it’s a Bitcoin infomercial!

Community Response:  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.

If it falls 98% to $1,000 in 2022 you will still be able to make that claim. What will it prove?

Gold is a fully mature static resource. I am not sure how people invest in gold. Is there a vision, strategy, roadmap? There are tremendous investments being made in Bitcoin, as well as in crypto native apps & ecosystems. This future state is what you want to invest in.

The reasons why people still invest in gold are A) they don’t understand bitcoin B) they don’t understand technology C) they don’t understand money D) they don’t understand game theory Peter surely falls into B and C

He actually does not understand money either. Best form of money should be something that has no utility what so ever. Utility demand distorts monetary demand thus making it worse money. He thinks gold is better store of value because you can make jewellery and parts with it.

Ledger money (money by convention/law without utility, ie non commodity money) does not have a good long term history. note that fiat fits into that category.

That’s why you don’t want a money that is forced by law.

When gold 5k?  It’s coming. On CNBC year ago I did forecast 5K gold “in a few years.” So I definitely got that wrong. It will take many years more than I thought then, but it will now go much higher as a result. But I didn’t forecast a double in two months!

You didn’t forecast a double in 2 months because gold is a terrible asset to own against inflation. Almost 0 performance over 10 years, which means it is the opposite of a hedge against inflation (unlike Bitcoin). You never respond to actual data like this.

And you (Bitcoin pumpers) never give any data that Bitcoin is actually an inflation hedge. Because there is none.