Peter Schiff: Bitcoin Heading to $0, Many Bitcoin Investors Will Lose Everything
Investor Peter Schiff is warning once again about Bitcoin’s massive speculative bubble. Schiff, who is well-known for predicting the 2008 financial crash, is saying it’s those who are buying in now will be the most vulnerable when Bitcoin hits $0.
“People who got it years ago, even people who got it at the beginning of the year have the opportunity to cash out and make a lot of money. But people who are buying it at these prices or higher prices are going to lose practically everything,” Schiff told RT International Channel. Bitcoin is speculative bubble set to burst at any time, and when it does, many will lose everything.
Schiff’s main concern with Bitcoin echoes that of many preppers, including Mike Adams, the Health Ranger. “These currencies are going to trade to zero or pretty close to it when the bubble pops,” predicts Schiff. “Right now, the only reason why people are buying bitcoin is because the price is going up. When it turns around, they are not going to sell it for the same reason. There is no value in bitcoin, you can’t use it as money,” Schiff points out. “It’s too slow, too expensive and too vulnerable.”
It also doesn’t physically exist in the way gold and silver do. According to Schiff, there is a problem with fiat currencies. However, there are 1,300 digital currencies with massive inflation. “Even bitcoin itself has spun off bitcoin cash, bitcoin gold. There is no limit to supply of bitcoin-branded worthless tokens that can be created,” he said. But as soon as the price begins a downward trend, Bitcoin will implode.
In the video below, Schiff discusses whether or not buying into Bitcoin is like buying a lottery ticket.
“The only value in the cryptocurrency now is the fact that it’s going up,” Schiff says. “And people are buying it because they believe they’ll be able to sell it to somebody else who also thinks it’s going to keep going up because he can buy it, he can sell it to somebody else who has the same outlook. But as soon as the currency really starts to decline, it’s gonna implode and eventually, it will go down to its true value…I think the ultimate value is going to be $0.”
Schiff says cryptocurrencies are also fiat currencies and stands by his assessment that gold is a real alternative to the mess created by all of the fiat currencies (including the United States’ dollar) which have no real value in the end.
This article has been contributed by SHTF Plan. Visit www.SHTFplan.com for alternative news, commentary and preparedness info.
Source: http://www.shtfplan.com/headline-news/peter-schiff-bitcoin-heading-to-0-many-bitcoin-investors-will-lose-everything_12212017
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Whistler Blowers, Insiders
I believe that too. Bitcoin Heading To $0. Cause what made Bitcoin grow relative to the fiat dollar currency?
It is the quantitative easing/ is hyper inflation in slow motion (like Fabian socialism is communitarianism in slow-motion) (They print tremendous amount of money, overwhelm the system with money and they buy up everything / killing the middle class, only leaving ruler and slave. The Roman Empire have done this in the past, I say they are doing it again.)
This is why the Bitcoin not gaining its value but retaining its value compared to the fiat dollar.
When the fiat dollar dies then the bitcoin dies it is as simple as that.
Some will say we can exchange Bitcoin for Japanese yen, well that is the worst off fiat currency in the word.
World.
Is crypto-currency and the block chain the ultimate leftist (incremental) libertarian beliefs, freedom through stupidity? (very very very naive) Well they will have a hard wake-up period, when they see the World was not like they anticipated.
When the hard boot kick them in their behinds like Yuri Bezmenov said it.
Never ever multiply in a chain, never multiply with 0.
Those who are buying in now will be the most vulnerable when Bitcoin hits $0 = It is too late (to make cheap money out of money, for the common people that is.). If you where in when cheap, sell and move to gold silver platina or better food water, water filter electric generator, guns and ammo. Pay off all your debts.
Talk sensible Canderson.
Common people can buy in on crypto TODAY cheaply enough and make some real coin.
https://coinmarketcap.com/
Moves over the last few months are crazy…
Bets on the next 12?
once they started talking bitcoin futures that is when it was turned from perhaps a good idea into a definitly bad one….futures are like fleas living off the body sucking its blood and producing nothing
Bitcoin is getting a bit too scary! Now, for starters, it’s being traded on futures exchanges. Banks, hedge funds, 401k, pensions, nations, etc are going to pour money into bitcoin speculation. Soon we may see ETF’s, stocks, and exotic derivatives based on bitcoin beyond the two current futures contracts. Bitcoin could be the planned catalyst to melt down the financial system.
What happens when bitcoin plummets to zero value? A change in technology, perceived value, or a sexy new competitor, could completely destroy anyone’s desire to hold bitcoin. Once the bitcoin futures contracts are heavily traded with lots of volume, there is the very real possibility that their crash to zero value could take out the whole futures exchanges supplying the contracts. This will immediately affect all the other commodities and contracts traded on those exchanges as confidence in the exchanges integrity plummets. It could be the largest exchange take-down the world has ever imagined with a contagion that sweeps the world like the black plague.
This take-down could also be planned as an obfuscation of a gold crisis. There are almost certainly many more futures contracts on gold than there is a deliverable quantity of gold anywhere on the planet. If gold prices soar and can no longer be artificially suppressed, or if it becomes apparent that gold futures, and even supposed physical gold caches are a fraud, then a take-down of exchanges hosting gold contracts and derivatives may provide the chaos and plausibility needed to avoid exposing the gold crisis on a wider scale.
I find it terrifying that bitcoin could destroy futures exchanges and possibly the financial system as a whole. The one argument against this scenario is that bitcoin is the planned precursor to a new digital currency that will be rolled out after some kind of financial disaster. Bitcoin is used to condition people to accept a digital currency. The future digital currency will almost certainly begin, or later morph into the mark of the beast system of buying and selling. What I’m getting at is that, if bitcoin is used to acclimate people to digital currency, then the elite may be reluctant to destroy it, and forever traumatize people to the idea of digital currency. At the very least, the elite would have to come up with a new and convincing way to sell everyone on digital currency after a digital bloodbath.
Either way, I loath the danger of bitcoin!
I agree 100 percent!
IF anyone is thinking of buying silver, now might be a good time.
There’s A Govt/JP Morgan 10-Year Deal To Rig Silver Prices That’s Coming To An End In March 2018?
https://www.silverdoctors.com/silver/silver-news/theres-a-govtjp-morgan-10-year-deal-to-rig-silver-prices-thats-coming-to-an-end-in-march-2018/
The miners went out and dug a hole and found a rock at ten feet. It cost $1 to mine that rock so it must be worth $1. They dig down another ten feet and find another rock. Oh, that just cost another $1 so this rock must be worth $2. After they have dug very deep, that have collected many rocks. But the miners have difficulty in converting these rocks into cash. So how to they change them into cash. Just get some one to start buying them and show an increasing cost, and people thinks they’re buying value. So as they get people to buy their rocks, they use some of the money to purchase some rocks from themselves at a higher value yet pushing the price even higher. As the rocks are sold the miners get the cash. The cash is not stored for you to cash out when you need it. If people started selling off their rocks, they will find there is not enough cash to go around. Reminds me of the old pyramid scam.
Bitcoin futures are down over $1400 as of 10:06pm eastern time.