Peter Schiff: Bitcoin still going to ‘collapse’; ‘death spiral’ of inflation coming (Pt. 1/2)
(youtube.com)
Bitcoin is an asset that is fueled almost entirely by “false hope” and should demand falter, the price is just going to “collapse”, said Peter Schiff, chief market strategist at Euro Pacific Asset Management.
“Ultimately, Bitcoin is going to collapse, and any demand that it might have siphoned away from gold is going to return to gold. The Bitcoin story is one of a bubble, it’s a modern-day Tulip Mania, it’s fool’s gold,” Schiff said.
0:00 - Biden's stimulus plan
3:42 - Inflation
5:56 - Gold price
7:58 - Gold vs Bitcoin
9:50 - Bitcoin is "biggest bubble of all"
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“Ultimately, Bitcoin is going to collapse, and any demand that it might have siphoned away from gold is going to return to gold. The Bitcoin story is one of a bubble, it’s a modern-day Tulip Mania, it’s fool’s gold,” Schiff said.
0:00 - Biden's stimulus plan
3:42 - Inflation
5:56 - Gold price
7:58 - Gold vs Bitcoin
9:50 - Bitcoin is "biggest bubble of all"
__________________________________________________________________
Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions.
Subscribe to our channel to stay up to date on the latest insights moving the metals markets.
For more breaking news, visit http://www.kitco.com/
Follow us on social media:
Facebook - https://www.facebook.com/KitcoNews/?r...
Twitter - https://twitter.com/kitconewsnow
StockTwits - https://stocktwits.com/kitconews
Live gold price and charts: http://www.kitco.com/gold-price-today...
Live silver price and charts: http://www.kitco.com/silver-price-tod...
Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week: https://connect.kitco.com/subscriptio...
Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: https://gold-forum.kitco.com/
Disclaimer: Videos are not trading advice and the views expressed may not reflect those of Kitco Metals Inc.
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Francisco Gimeno - BC Analyst Mr Schiff has always lauded gold over crypto as an asset. He is right defending gold. He seems not to be very right about Bitcoin, unless he is talking about a speculative bubble of crypto, which can be damaging to the crypto sphere. BTC, crypto, however, is not in a big bubble. Any wise investor will try to manage risks and the day to day picture.