Peter Schiff : Bitcoin Lost more value than any of the Major Stock Market Indexes

Yesterday, Peter Schiff, the chief executive of brokerage firm Euro Pacific Capital and poplar Bitcoin skeptic, took to Twitter to declare that Bitcoin has failed in its attempt to prove as a haven for investors. In his tweet, Schiff pointed out that Bitcoin had fallen below the $10,000 again, marking the significant drop as conclusive proof that Bitcoin couldn’t possibly hedge against volatility. he tweeted , Bitcoin has again failed the safe haven test. On Friday, as escalating trade tensions sent global stock markets plunging, investors sought refuge in monetary safe havens. The Japanese yen, Swiss franc, and especially gold all moved higher. Yet Bitcoin plunged by more than stocks! and he added : Since last Thursday Bitcoin has lost more value than any of the major stock market indexes, while gold and silver have gone up. You can keeping looking in the rear view mirror while ignoring what's happening right in front of you! “It doesn't matter how high the price of Bitcoin rises unless you sell. Every buyer must eventually sell to realize any benefit from the rise,” Peter Schiff wrote about Bitcoin a month ago . The idea that Bitcoin is just like gold is utter nonsense. Bitcoin is nothing like gold. It’s fool’s gold. There is not a single use case where Bitcoin can be used as a substitute for gold. Plus the gold price never falls by over 25% in less than 24 hours! Peter Schiff explained . That said, Bitcoin’s volatility is real and that’s because it is an asset in the process of becoming fully capitalized. It’s an asset that goes through the most extreme emotional roller coasters because it is also trading in immature and unregulated markets. That volatility is used by some in the hard money/Austrian economics community to argue against Bitcoin and/or cryptocurrencies as potential money. But that is simply specious argumentation. The fact that the NSA and FBI hold over 90% of all bitcoins should scare the hell out of us little people. Bitcoin is a Ponzi Scheme, not an asset. Holding gold is for safe haven protection, crypto is for speculation. I own both. To me, gold is a safe haven and crypto is for speculation.









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