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Peter Schiff shared: Buying Bitcoin is a bet that the establishment can maintain the status quo, that the Fed can keep all the bubbles inflated, and that the public continues to have faith in fiat currency. When the game finally ends Bitcoin will crash too, assuming it hasn’t already crashed before.
Community Response: Bitcoin isn’t a bubble. It’s arguably the most undervalued asset on Earth.
That’s the most ridiculous statement you’ve made yet. You don’t get it at all, do you? People buy Bitcoin because they’ve lost faith in Fiat. The more money they print, the higher Bitcoin will go.
No, the argument is that Bitcoin derives its value from faith, just like fiat currency. Since fiat currency works, so can Bitcoin. But if faith in fiat currency is lost, that proves faith in Bitcoin can be lost too. So, if fiat doesn’t work, neither will Bitcoin.
The mechanisms (outside of basic consensus) that lead to currency collapse – mismanagement by centralized controllers, difficulties in free distribution & trade, etc – are precisely what Bitcoin addresses. You have absolutely no idea what’s going on.
3D-yet the developed countries across the globe are hoarding gold/silver right now and some are restricting access to BTC. Gold and silver’s history/track record throughout 5000yrs of history should be completing enough to realize it’s significance. BTC is an infant in this world!
Tell us you’ve done no research without telling us. You don’t “restrict access” to BTC. You can outlaw it. You can outlaw gold. That’s happened before.
Yet majority of the developed world/countries are hoarding gold/silver right now. Gold is the only money and history is repeating itself. China w/ 1bil+ people have restricted access right now lol. Never lived in a third world country eh?
Arbitrary metrics. You’re failing this IQ test.
Facts hurt! Read your history and understand past mistakes by other developing/growing countries and peoples. BTC is an infant in today’s world, trade it don’t marry it. Global acceptance of gold is in all countries, BTC is not.
Let me bring this way, way, WAY down to your level. Imagine it’s 1990. We’re telling you, “This internet thing is a revolution in global communication.” You go: “Oh yeah? Well, all of these countries are sending letters, it’s worked for thousands of years!”
Lawmakers are about to crush Bitcoin’s use cases & regulate it in existential threat ways (as an ‘investment’). In other words, cause it to CRASH. For anyone who reads this, unless you watched senate & congress hearings on the topic, you don’t have a clue & are gambling blind.
So, all ‘investments’ are worthless? BTC is a currency in more and more countries, but it will be an investment in the US until fiat crashes. Then BTC will be the currency. Obviously, US will come out with their own Digital Fed Coin, but it will be worthless too.
Bitcoin isn’t a currency as a lot of Teenager boys think. Bitcoin is asset or commodity at best, last 6 months had lowest transaction rate since 2018 (small local bank has more transactions a day then a bitcoin).
Bitcoin was created in 2008 and still in January 2022 it has no real purpose accept that it helps human traffickers, money launders, etc. Go ahead, buy it for 47k$ and wait for something to happen in bitcoin universe or find another fool that will buy it from you at higher price.
Difference between your statement and Peter’s is that yours makes financial sense. Even if you think Bitcoin is worthless and has a chance of going to zero, it would STILL make sense to have a small allocation given the asymmetry.
