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Pointing to a long-term chart of Bitcoin Peter Schiff shared: Here is a long-term chart of Bitcoin. Imagine how bad this chart will look once Bitcoin breaks below 30K dollars. A drop to 10K dollars would seem like a lock, but there’s no reason to believe that level would hold up as a permanent floor. If this double top completes, the real floor is zero!
Community Response: I respect you for your views on the economy and where it is headed, but where we differ is your reason for gold being a store of value and this is why we don’t agree on how Bitcoin can become a store of value. It comes down to just “Truth and Trust”.
Gold is a store of value as and when you store gold, you’re storing the most useful metal on the periodic table. There’ll always be demand for gold. What value does Bitcoin have that can be stored? Bitcoin isn’t used for anything now. Why would it be used for anything in the future?
Gold has value because people gave it value. The world is digitalizing on every front. The moment gold digitalizes (Bitcoin), gold is going to zero. Metal value. It had value for backing dollars. We all know where that stands. Its value is bound to be replaced.
I don’t think gold will ever go to 0 because there will still be used for the physical part of it like jewellery/industrial, but it will go down in value due to the store of value portion demonetizing as the world builds more trust in BTC which is slowly proving itself.
What trust? The market is empty, there are no buyers. On the exchanges, the price is driven by bots selling to themselves. Exchanges collapsed the price in May, then one exchange in the fall, to make money on liquidations, collapsed again without consequences and trial.
Last summer you thought Bitcoin was having a head-and-shoulders top (you can see that failed pattern in the middle of the chart). Now you think it’s a double top. If bitcoin soon hits a new all-time high, what will you be calling for, a three-shouldered H&S top?
Bitcoin Trade Setup: After a long time, a potential Trade Setup. BTC should move higher towards 46022 dollars to complete wave five of this sequence. This is a low-risk trade with a stop loss at 40900 dollars. The last price was 42141 dollars.
You still have that kick in your step from those 2% gains in Gold on Friday. I’d be upbeat be too if I were you, now Gold is only down 58% over the last decade when accounting for M2, as opposed to 59%.
Peter, I don’t get it. You talk about how bad money printing is, but when someone has come up with a currency with a fixed supply to eliminate this problem, you do everything in your power to discourage it
Bitcoin lost -27% of its value last 365 days and that’s just the beginning. Winter is coming next year. See you guys in 2026.
This may look like BTC/USD but it is BTC/GOLD. The reason it looks so familiar is that the price movement of GOLD over the last decade is negligible compared to what BTC has done.
Gold had its time, but once it became centralized and under control by governments and the Chase’s of the world, gold became limited in its role. #bitcoin will be the new standard as its immutable monetary supply makes it the best store of value.
This is called consolidation. Also, how would you fix the economy? I don’t feel like carrying around lbs of gold everywhere I go to pay for bread when I could just carry my phone and accomplish the same thing. Bitcoin is digital gold…but better.
If you’re so confident in this drop then short the crap out of it. I hope you do. If you’re right you’ll have lots of money to buy more gold. If not, then you’ll finally understand the power of Bitcoin.
You don’t get the point he’s making. Why would he gamble with the Ponzi scheme bitcoin? It’s a scam, why would he risk money on a scam by buying it or shorting it?
So basically you’re saying he admits he’s clueless about the direction it will go in.
