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The gold superiority never ends according to Peter Schiff and he keeps reinstating gold as more important than Bitcoin every other day. It helps to know different perceptions – particularly so for every investor.
Peter Schiff Shared: Don’t wait for the bubble to deflate completely before recognizing what it was. Just open your eyes and your mind and sell your Bitcoin now, while others still have their eyes closed and minds shut.
Community Response: I’d rather let it go to zero than sell, to be honest, I’m young, I can make the money back.
That’s the spirit. Go down with the ship. Let’s see if you still feel that way when it gets there.
Gold hasn’t lost value from then to now, which is the point he makes every time on air. But the crypto fanatics are too much up their ass to see that.
Good trade. Don’t forget to take profits on this rally back above 42K dollars, as it’s likely pretty good resistance now. The next leg down could be brutal.
In a hyperinflationary environment, what do you sell your gold mining stocks for to make a profit?
No, but Bitcoin is different. It’s ultimately going to zero, so you have to sell some time. Otherwise, you’re just left holding the bag when the music stops.
My bitcoin is only up 4,000% in the past five years. PeterSchiff was right all along. It’s shiny metal from here on out!
Those gains don’t help the 50% of current Bitcoin owners who bought for the first-time last year. They only benefited the people who took advantage of the opportunity to sell.
Schiff, if bitcoin fell to $5000, I would smash buy 20 of them personally and I suspect dan held would buy like 500.
If Bitcoin hits $5,000, I’m buying a million worth quickly. Bitcoin is only going up because of speculative buying and people pumping it. Other than that, BTC is worthless 800 billion because of the way it was designed. The blockchain industry is evolving and new software will replace most if not all.
This article makes a logical argument. Unless Cryptos can reinvent itself to something more purposeful other than mere speculation.
Money is by its very nature speculative. You don’t accept dollars because you intend to eat them or burn them for fuel. You do it because you speculate that you can exchange it for something of equal or greater value at a later date.
I’ll buy in when Cryptos Currencies are universally adopted and the price is meaningful as a medium of exchange for goods and services.
that’s fair like I once read: “people will buy BTC at the price they deserve.” oh and btw, you can earn around 20% APR just by providing liquidity in basically risk-free pools (stable coins). The longer it takes for commoners to get in the better for us.
I mean, if you put 1%, 5%, even 10% of your investment portfolio in high-risk/speculative assets, what’s the worse it can happen? you lose that portion of your portfolio if it ends up being a scam (Idk how that would be the case but, do some research, you won’t regret it.
Peter is a dinosaur. watch how he can’t keep up with the debate here. He understands the theory but he can’t recognize that how the system works, in reality, is far from what the theory says.
Do you hold any bitcoin? I am not sure if someone already asked you. Thanks
Crypto has never been challenged by a recession or any meaningful Feds rate. Honestly, I’d get out now unless you want to eat up your cost basis. This thing is total Ponzi even if it is entertaining.
Do you understand the problems bitcoin is solving? If so, you’d realize that it’s only going up long term. Regarding rate hikes, they’ve always scared markets. But it’s always short term &markets do great after rate hikes (history below). Additionally, feeding can’t raise them much.
