Sunday, September 12, 2021

Peter Schiff on Why Bitcoin Has No Value, Calls it The Biggest Bubble of All Time

 Peter Schiff actually made some sense here, although I'm sure he regrets not buying some bitcoin in 2010 when he had the chance, but he is right when he says that Bitcoin is based on nothing. The guy who is interviewing Peter Schiff says he prefer to put his money in stocks and shares, because then he's helping a company to grow, but Peter Schiff says buying gold is a safe place to put your money, and is much better than putting it under the mattress. 


In this clip, Peter Schiff opened up about when he learned about Bitcoin and other cryptocurrencies in 2010, adding that it was only through word of mouth at the time. He went on to speak about his thoughts on cryptocurrency and believing that it has no real value, unlike stocks and real estate, adding that it's just a token that people collect. The conversation then turned to buying gold, which Peter clarified is another form of saving, and he added that it's not an investment that generates money. To hear more, hit the above clip.




15 comments:

Ahmed Fares said...

While it's sometimes hard to pin down the exact value of a Bitcoin, these two economists came up with a range estimate. It’s somewhere between $20 and $800,000.

It took two economists one three-course meal and two bottles of wine to calculate the fair value of one Bitcoin: $200.

It took an extra day for them to realize they were one decimal place out: $20, they decided, was the right price for a virtual currency that was worth $1,200 a year ago, flirted with $20,000 in December, and is still around $8,000. Setting aside the fortunes lost on it this year, Bitcoin, by their calculation, is still overvalued, to the tune of about 40,000 percent. The pair named this the Côtes du Rhône theory, after the wine they were drinking.


What Bitcoin Is Really Worth May No Longer Be Such a Mystery

Ahmed Fares said...

re: how to predict the price movement of Bitcoin

She says that Jupiter has entered Pisces and will conjoin with Bitcoin's natal Venus...

Maren Altman

What are the astrology predictions for the Bitcoin price in 2021? What trends should we prepare for with Bitcoin in 2021 and onward? In this video, I explain the bullish, bearish, and ongoing volatile trends for the Bitcoin price in 2021. Bitcoin appears to have several extremely high highs, with some dramatic lows, and several periods of sustained favorability throughout 2021.

(plz lmk if you want more financial astrology)

i am a practicing astrologer using traditional and modern techniques for natal and predictive work, within western tropical astrology.


bitcoin 2021: astrology predictions & price forecast

mike norman said...

The fact that this moron Schiff deems it worthless probably means its going much, much higher.

Kaivey said...

Experienced traders make their from volatility. Buy in the dips and sell in the highs.

Tom Hickey said...

The fact that this moron Schiff deems it worthless probably means its going much, much higher.

LOL. Exactly what I thought when I saw it.

Now that Wall Street is treating it as an "asset class," that is, investment vehicle, it has new legs. It could go a lot higher.

Peter Pan said...

Schiff prefers to appropriate his investor's money himself.

Kaivey said...

It's going to crash, but people will make money by buying it cheep and selling it high. I should imagine Peter Schiff regrets not buying any in 1910 like I said, but he's correct about it being pointless. It's a ponzi scheme, except with billions of people in the world and the Internet, it might well keep afloat for a very long time. Although I wish I had the money to buy in a dip.

Peter Pan said...

He'll turn his regret into schadenfreude.

Kaivey said...

I bought £120 worth of Ethereum two years ago and I've just checked it and it's worth £1020 now. I've never checked it again after buying it until now as it was meant to be a long term thing. Do you think I should sell it? Maybe I should keep it for a rainy day?

Kaivey said...

I think it was £150 I bought, but an incredible mark up just the same. Coinbase. Maybe I've got something wrong, but it gave me a value in GBP.

Tom Hickey said...

While is impossible to value crypto by any known criteria, I think Ethereum is a good bet — and a bet it is, with the odds being purely subjective.

Kaivey said...

I think I will cash it in. And I could buy more in a deep.

Kaivey said...

I've changed my mind again. It might be worth a lot more in 10 years time.

Peter Pan said...

You could cash in 120 pounds worth, to retrieve your initial investment.

Peter Pan said...

Sorry, 150 pounds.