Peter Schiff Exposes Bitcoin Bubble: “There’s No Real Value in Bitcoin”
By: Ethan Huff / Natiural News
Investment guru and financial expert Peter Schiff isn’t convinced that the popular online cryptocurrency Bitcoin is really worth what the market says it is. During a recent interview with Scott Gamm on The Street, Schiff contended that Bitcoin holds no real value because it isn’t backed by anything other than people’s trust, and that at some point the digital fiat is likely to crash and burn.
Schiff has never really been a fan of Bitcoin, as he once famously likened it to “digital fool’s gold.” Bitcoin represents little more than a bubble, in his opinion – a game of “hot potato” in which some people are going to get really rich when the music stops playing, while many others who bought into the hype later on are going to lose big time.
Though the price of Bitcoin recently reached its highest level yet at roughly $7,800 per coin, the cryptocurrency has been in a constant state of flux almost from its start. However in recent months, it’s been steadily climbing, which has caught the attention of many investors looking to get rich quickly. But Schiff warns that the risks are much more significant than many people believe.
“There’s no real value, I believe, in Bitcoin,” Schiff stated emphatically when asked about Bitcoin’s bullish trend.
In many ways, Bitcoin is more of a BitCON, in Schiff’s view. He says that most people who are jumping onboard these days are doing so not to use Bitcoin as an everyday medium of exchange, but rather as a speculative investment asset for making money. At some point, this tactic will fail, which will happen right around the time that a critical mass of folks comes to the realization that Bitcoin isn’t actually worth anything at all.
Is Bitcoin the equivalent of digital gold? Schiff says no
One of the biggest problems with trying to utilize Bitcoin as an everyday medium of exchange is that the platform upon which the cryptocurrency was built is simply far too slow to process the number of transactions necessary to support an entire economy. While Visa and MasterCard are able to process tens of thousands of transactions per second, Bitcoin transactions are limited to just a handful per minute.
And even with its limited quantity, the mathematical limitations of Bitcoin prevent it from really lasting into the future. This presents great risks because nobody knows when Bitcoin will fail, though many believe that this failure is a mathematical certainty.
Even so, many people are now looking to Bitcoin not to replace fiat currency, but rather to replace gold as a store of wealth for investment purposes. Schiff says this is pretty much a joke as well, and that Bitcoin can’t really pass the muster in terms of competing with actual physical gold in what it can actually be used for practically.
“[Bitcoin] is a digital asset, but what it’s actual value is remains to be seen. But it has nothing in common with gold,” says Schiff. “There are certain things that you could say it has with gold, but you can’t do anything with it.”
“None of the real world uses of gold (are applicable to Bitcoin). I mean, gold is used in jewelry; you can’t make jewelry out of a Bitcoin. Gold is used in consumer electronics; it’s used in medicine; it’s used in aerospace. There’s no use for Bitcoin other than storing it as an asset.”
At the same time, many people value Bitcoin for what it is, and that alone gives it “value,” at least in terms of a cash exchange price. But will this last forever? Schiff certainly isn’t convinced that it will.
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True. It’s only worth what they imagine but how much is imagination worth? Not as much as the paper your fake money is made from. Next crash they’ll blame ai like Ethereum. That’s why the Saud’s gave a robot more rights than women! So it can scam everything in a second. It knows already from ten year old phone tech exactly what your doing and where you will go to a 93% success rate just after 7 days of following your phone! And this is version 1…. Uh-oh
It’s also bitcoins deliberate art to inflate one bitcoin to anything they want and then crash it, that’s why there’s always been only a certain amount. Lamborghini only go up the older they get after the market value is lost as soon as you leave the lot and the tyres touch the road.
as a guy who has a sizeable net worth(private jet,lots of stuff,houses,no debt) listen to this one thing….98 percent of the investment world is shit–when push comes to shove even a court room is a losers plan of action but i have used it many times but only to some success–every investment is somewhat bogus–only faith and confidence drive markets–and the elements that create that confidence—right now for bitcoin it is people trying(like china) to get their money away/out from goooovermint–it will go on and on til it does not–maybe another 2 years–then it will be gold/silver’s turn..or oil when the saudis and iran go to war..currency markets are huge compared to all this shit and most money is fake in itself but its being traded at about 5 trillion bucks a day!!!!go figure..
“There’s no real value, I believe, in Bitcoin,”
there’s no real value in any currency, they’re ALL fiat monies, no different to monopoly money
when we play monopoly, each participant agrees to give the money value according to the rules of the game – similarly, the global economy is a global game of monopoly and our money only has value because each participant agrees to give value to what is nothing more than a piece of paper,,, or a number on a screen
supply and demand is what drives market values, pure n simple – regardless if it’s fiat currencies or crypto-currencies
Peter Schiff Exposes Bitcoin Bubble: “There’s No Real Value in Bitcoin”
Hello,
really?
Everybody knew that already !
Isn’t the fiat dollar only “backed by people’s trust?”Isn’t there something like 30 million bitcoin accounts? I don’t think this is going away.
When the bitcoin fans run for the door, no one will give them real money for their sketchy bitcoins. Tulipmania…..
