Peter Schiff:  Now Saylor claims that Bitcoin is hope. In a way I agree. When you buy Bitcoin you must hope that people who don’t own any start buying, and that those who do own it don’t sell. In fact, when you buy Bitcoin, hope is the only thing you get. You must hope reality never sets in.

Clearly Saylor doesn’t understand the game that he’s playing. It’s like musical chairs. In the end the one left holding the most Bitcoin is the biggest loser. The winners will be the whales who got in early, pumped up the price, then cashed out before the music stopped playing.

Bitcoin going up as gold falls doesn’t mean Bitcoin is a better inflation hedge than gold. Bitcoin is going up with other high risk assets. It’s part of the bubble created by inflation. When the bubble pops, the price of risk assets like Bitcoin will collapse relative to gold.

In response to “Coinbase customers will soon be able to borrow up to $1m using their Bitcoin”:  This move will only add to the upward pressure on consumer prices and “supply shortages” as HODLers will be able to spend their paper Bitcoin gains without actually selling any Bitcoin. It also means a bigger crash when the margin calls can’t be meet.

Rich Rogers:  Fidelity “Gets it”. MasterCard “Gets it”. Amazon, Tesla, & Walmart “Get it”. Facebook “Gets it”. SEC Chairman Gary Gensler “Gets it”. The top technology advisor to President Biden, Tim Wu, “Gets it”. Bitcoin.

Peter Schiff:  They don’t get it; they just want to get in on it. There’s lots of money to be made servicing the Bitcoin bubble. People who buy Bitcoin will lose, but there will be lots of winners among those helping them purchase it.

Community Response:    You have much to learn. Blockchain is Bitcoin. The only reason it was created was as part of Bitcoin in 2009. Bitcoin is legit, adopted by credible companies and investors, maturing regulations, ETFs, and creates thousands of jobs in mining, apps, chip maker, exchanges, and more.

Peter, you have a fundamental misunderstanding of what bitcoin actually is. The demand for buying and holding coin with the sole hope that someone else will buy it, will diminish over time-you are right about this. What you’re missing is the demand for the bitcoin network.

You make it sound like supply and demand only apply to the price of bitcoin. ALL markets, including the gold market, are subject to those forces.

Peter is all seriousness, if Bitcoin is at 500k or higher 5 years from now, will you be saying the same thing you are now or if it’s still alive and doing well in 5 years, will you accept that it’s use case is a replacement for Gold?