Peter Schiff puts together the very compelling case for Bitcoin Bubble "Tulip 2.0" and why nobody should mistaken it with "Gold 2.0" Bitcoin replicates almost all the Gold properties apart from the most important one - Gold's Intrinsic Value. Bitcoin was around for 4 years - Gold was around for 4 thousand years, will Bitcoin be around in the next 4 years? It can be substituted by another cryptocurrency - which are plenty around already - or, maybe, even Gold backed electronic cryptocurrency one day.
Time Is To Go For Gold: Bitcoin Just Crashed ... Again – High Above $900 And Just Low at $540 GLD, MUX, TNR.v, GDX
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"Time is to go for Gold and for the real one this time - Bitcoin "Gold 2.0" status will be killed by its parabolic rise and bust and maybe it is happening already. Just today the high was at $900.98 and the low at $502.62, according to mtgox.com. With this kind of volatility Bitcoin will be struggling to become The Currency, it is traders paradise for now, but it looks like our scenario $2000 - $50 (put your own numbers here) can happen very soon."
Bitcoin Rises Over $500 - Its Collapse Will Start The New Gold Leg Up GLD, SLV, GDX, MUX, TNR.v
"ZeroHedge reports another amazing development with Bitcoin. While Janet Yellen can not see "Any Bubbles Around" the cryptocurrency is in a parabolic rise and crossing $500 valuation now. Our take is that it is the classic Bubble Ponzi Scheme in the development now and the higher it goes the harder it will fall from the sky. It does not mean that you can not make money or that Bitcoin is bad, just be very careful comparing Tulips to Gold. Everybody who is cashing out their Bitcoins at these or higher levels can receive our congratulations. Everybody who is providing cash for this should be careful.
2 comments:
Bitcoin seems like a fine currency, however questionable as a store of value.
Its recent meteoric rise appears more due to hordes of Chinese speculators than actual merit.
What would really impress me would be some sort of Gold based/backed bitcoin. The best of both worlds.
In the video embedded in this article, Peter Schiff came off as mostly talking his book. But he did bring up one good point. Bitcoin is completely faith based.
Sure one could say that about government fiat currency, only it wouldn't be true. Gov fiats are backed by the taxing ability and force of governments.
Gold is backed by 5000 years of intrinsic value (try giving your new wife a bitcoin wedding ring).
Thank you for stopping by - you have very good observations.
We had e-gold before, which was closed by regulators, Bitcoin ideas based on Gold backing will be the next logical step.
Best!
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