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Bitcoin is an asset that is fueled almost entirely by “false hope” and should demand falter, the price is just going to “collapse”, said Peter Schiff, chief market …

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44 COMMENTS

  1. Peter Schiff is a total moron. Been following him for years and when I was younger I thought he was smart. All this dude does is constantly make bad outlandish predictions. When you make 1million predictions on tv that [x] will collapse, you’re bound to be right one of those times. The second he does the media says he predicted so and so. Total nonsense. He has been saying for a decade that gold is going to explode and we need gold. It never happened. Now he says bitcoin is useless while he pushes gold. How is gold more useful?! How the fuck is gold useful?! No one will ever transact in gold.

  2. I am agree with Peter. It's same as tulpmania. Before this market crash the last tulp has been sold for f 4200 ( gulden) and good year salary was f300, zo this means that someone must work 15 years without spending any money to buy one tulp. If I compere this with dayly year salary over 15 years comes about 1 miljoen dollar . This could be the value of 1 bitcoin but than is going to zero just like evry ponzi scheme.

  3. hmm is the dollar a ponzi scheme, is it a bubble. Fiat currency has always gone to zero for the entire existence of fiat currencies. Bit coin will always outpace inflation, the dollar will continue to sink to zero. Gold and silver cannot be integrated into fintech, bit coin can and that's where it's true intrinsic value lies. Schiff doesn't understand this. It is now 2/2 and BTC is at 57590 on its way to 100k

  4. Typical fools philosophy : when prices go up wow its a great stock when prices crash wtf its a scam, this will be the same case for bitcoin. You only realize a bubble when its burst

  5. I think Peter’s thoughts about MMT and the devaluing of the dollar are spot on. That being said, how can he sit there and say Bitcoin will bottom out when the dollar is being downvalued and people will flock to currencies that actually work?!?

  6. Bitcoin is going up to $1,000,000. I bet he’s investing while he talks it down. Bitcoin will crash many times. Don’t be a Wall Street douche and get nervous and sell, while the oligarchs buy everything at pennies on the dollar. Buy during a crash.

  7. Michael Saylor makes this guy sound like an idiot. I’ll get my advice from people who truly understand the things they give advice on. I’ll never own gold going forward, I do own Bitcoin and Ethereum, and plan to own more in the future.

  8. i mean if there's a death spiral of inflation then bitcoin will be pumping LOL, people have no fucking facts down, BITCOIN IS FINITE, IT IS A HEDGE AGAINST INFLATION, THE US ECONOMY IS DOGSHIT RIGHT NOW AND THE STOCK MARKET IS NOT A REPRESENTATION OF THE GENERAL HEALTH OF THE US ECONOMY.

  9. Schiff is an idiot. to compare: BTC crashed to 3K USD in Dec 2018, Gold was at 1300 USD in Dec 2018. NOw Feb 18, 2021, BTC is at 52K USD and gold is at 1800 USD. if you listened to schiff, you would have missed out on a 1633 percent return on your investment. you can tell by schiff's face, he is struggling to maintain himself in the face of BTC dominance. I bet schiff is probably buying BTC on the side hahaah

  10. Peter Schiff is not. in the same category as Paul Tudor Jones,and Larry Fink etc , Blackrock ($8.7trn AUM) now getting in etc etc. This is an unusual asset, rmost assets driven by instiutions then retail follow. Its the small peeps that have driven this so far and only now a small number of instiituions starting to get and driving this rally. Most banks are still not able to deploy capital in size into this space but they are looking at it, many with NDA's in place keep this under the hood. Will take another 1-3 years for these guys to deploy in size so I dont think its too late to get in (wait for dips) for those who have been sitting on the sidelines, the amount of money to come in from institutions is orders of magnitude larger than anything we have see to date. Given the unique network effect of crypto, would expect so see a series of inflating and deflating bubbles over time, but growing significantly bigger each time.

  11. Peter Schiff appears to not understand a core mechanism of the economy – Supply & Demand in relation to the scarcity of an asset… It looks also like he has forgotten or is deliberately blind about crashes which also occur on stock markets, and they also keep coming back – it's called "Market Cycles", Mr. Economist… Furthermore the price of a stock doesn't necessarily correspond to it's underlaying fundamentals, that's why some stocks are undervalued or overvalued. Like Ivan on Tech says "50% fundamentals, 50% pumpamentals" and the alltime trading wisdom saying "buy the rumors, sell the news" 🙂

  12. These dinosaurs DONT want to learn the new markets that cant be manipulated!!!!!!! Of course they dont like it and dont want to know. They cant control it!!!!!! BITCOIN is a decentralized blockchain we the people have decided its value and we value it more than the worthless over printed FIAT and inflated manipulated stocks!!!!!!

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