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Peter Schiff says Betting/investing in NASDAQ is Better than investing in Bitcoin TRUST. Perhaps, biased, because Peter is against anything that has the spelling “BTC.”
Peter Schiff Shared: The Fed inflated bubbles in tech stocks and cryptocurrency. Speculators who chose to ride the bubble in the NASDAQ are up 27.5% so far in 2021, while those who chose GBTC instead are up 11.5%. If you want to bet on a bubble a tech stock index is better than a Bitcoin Trust!
Plus, the NASDAQ is just 1.7% below its 2021 high. Yet despite a marketing blitz on CNBC, and non-stop positive coverage of Bitcoin, GBTC is 38.5% below its 2021 high. In fact, its 7.5% below it’s Dec. 2017 high. That was 4 years ago! During that time the NASDAQ is up 246%!
HODLers counting on institutional demand to drive Bitcoin prices higher should be very concerned about GBTC’s near 20% discount to NAV. Such demand, if it even exists, will be diverted to #GBTC instead of Bitcoin. Once the biggest Bitcoin booster, GBTC is now its biggest drag!
For clarity, What are tech stocks? Why do they matter? Tech stocks refer to any stock involved in the technology sector, from semiconductor producers to software providers. Tech stocks are often a leading indicator for the economy and the stock market.
What is NASDAQ? Why do they matter? Nasdaq, Inc. is an American multinational financial services corporation that owns and operates three stock exchanges in the United States: the namesake Nasdaq stock exchange, the Philadelphia Stock Exchange, and the Boston Stock Exchange, and seven European stock exchanges: Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn, and Nasdaq Vilnius. Obviously, they do matter!
Why do stock exchanges matter? Stock exchanges matter because they are proof of the potential of the domestic and international economy – technically the network of the potential of the world economy. Probably, proof of the borrowing capacity of the a firm or individual.
GBTC? This is where investors buy shares of GBTC as opposed to buying BTC outright. Grayscale’s Bitcoin Products provide access and exposure to Bitcoin in the form of a security without the challenges of buying, storing, and safekeeping digital currencies directly.
Bet on the Bubble Tech Stock? Tech bubble refers to a pronounced and unsustainable market rise attributed to increased speculation in technology stocks. Rapid share price growth and high valuations based on standard metrics, such as price/earnings ratio or price/sales, normally characterize a tech bubble.
So, what is Peter Schiff Ultimately trying to convey? Say no to Bitcoin and yes to any investment on NASDAQ other than BTC as the returns are better!
Is the right? How does the community react: So, the moral of the story is buy bitcoin instead? It’s up 64% in 2021.
But if you’re bullish on Bitcoin today, you are much better off buying GBTC instead. It’s hard to image a big gain for Bitcoin where the GBTC current discount to NAV doesn’t narrow.
Bitcoin is literally changing the world. Meanwhile, old man continues yelling at technology and math.
No, it’s not changing the world. The same guys have all the power and the crypto exchanges are boot licking the SEC. What part of the world is bitcoin changing?
Can’t change the world if what I need is government regulated companies to enter this “world changing” industry.
