Recently, Peter Schiff shared: Gold and Bitcoin are both up today. But this move in no way implies a correlation. They’re rising for different reasons. Gold is up as a safe-haven and inflation hedge. Bitcoin is up for the reason ARKK is up. Speculators in risk assets have been conditioned to buy the dips!

Community Response:  Would hate for Bitcoin to be correlated to Gold anyways. Gold is up about 10% in 10 years. Bitcoin is up about 10% in 4 hours.

It’s not that slick to make arguments that could invalidate themselves in hours. Bitcoin could be up 10% in the last four hours and back down 25% an hour later. You’ve made no point. I say this as a BTC bull and holder. There are better arguments than go up, use them.

The more likely explanation for #bitcoin rise is the fact that State Street announced they’ll custody bitcoin + some large corps announced BTC purchases today + the world is seeing the power of BTC due to Canada truckers & Ukraine invasion. I think these are more likely explanations.

You talk as if this “power” is exclusive to Bitcoin, when in fact all 17,000+ digital tokens on the market can be used for the same purpose. Bitcoin will ultimately go to zero since it has no exclusive use case.

Your lack of understanding is palpable. No other crypto is even close to being able to do what Bitcoin does.

You ask people to open their eyes to Bitcoin. I ask you to open your eyes to the crypto-verse. What does Bitcoin do that other quality tokens can’t?

BTC is 100% decentralized so it can’t be stopped/banned. Alts are not fully decentralized. ETH for example runs thru AWS & has an management team. BTC is immutable. Alts are not. BTC is the most secure network on earth. Alts are not. BTC is gaining trust. Alts lose trust each cycle.

Good points. However, innovations are coming in the way of alt-coins. It’ll be wise to be in both BTC and ALT.

I do agree with you… Sorta. 15% of my crypto is alts. Not because they have any chance of doing what BTC does but for the other innovation. Most alts are doing things that don’t need decentralization but some have potential… less than BTC but still potent.

Guess what penny stock this is… Yay, you got it! It is GOLD during high inflation and geopolitical uncertainty. Bitcoin is about to pop through the most critical level on the current chart. PeterSchiff you okay after that beat down on live TV?

Peter, this makes zero sense and I think you know it.

I can’t imagine Peter believes half the things he says about bitcoin. It’s become a meme at this point.

Why didn’t the Ukrainian government request that people send gold? Maybe because it would have taken weeks to arrive and be processed. Bitcoin.

Peter, have you heard a story about how gold saved people from Ukraine due to the ATM and banks’ failure, luckily, they had their gold bars and escape the war zone? Me neither… You can take your BTC in your mind, gold would probably be confiscated or robbed.

Central banks hold gold to be “the strong hands” of the market. They do not own Bitcoin to prevent the emergence of “weak hands” in the gold market.

What a haven, with crypto, people can carry billions of dollars with no effort at all, have you ever tried carrying a billion dollars in gold? I’ve never done that, but I would imagine it weighs a couple of tons, imagine running from war like that.

I don’t like this. Gold never goes to zero.

Gold will never go to zero. It has too much global desire as jewellery.

You got it backward. Gold is valuable and desirable first, therefore people want to make jewellery from it. Not because there is a demand for jewellery, therefore gold is valuable.

I realize this, but the value has already been created and deep-rooted in 1000s of years of culture at least in our lifetimes it’s not going to be an industrial metal as some claim.

The industrial utility doesn’t give Gold value.