When I first bought Bitcoin 2½ years ago, I listened to Peter Schiff’s rants about why it would collapse; and gold, re-establish itself as money; out of curiosity – particularly, as I was still Marketing Director of a major bullion firm.
For more than a decade, I found him to be one of the world’s best economists – but at the same time, one of its worst investors; and frankly, a far less knowledgeable one about gold than one would expect. Since then, I’ve tuned him out entirely – as he appears to have morphed into a financial commentary cartoon character – particularly in Bitcoin, where the arguments he makes against it border on ludicrous.
When I heard he just did a debate with Eric Voorhees about Bitcoin versus gold, I tuned in because Voorhees Tweeted about how he had sent Bitcoin to Schiff, who had accepted it cordially. Thus, I was curious to see if Schiff had changed his tune – which unfortunately for him, he hadn’t…as Voorhees; and the decidedly pro-Bitcoin crowd; destroyed him.
No need to go into details, but suffice to say, how anyone cannot realize gold has DIED, never to return to prominence, is beyond me. Literally, Mint Sales are at all-time lows; and if it wasn’t for the anachronistic, Communist Chinese and Russian governments – who buy it with printed fiat toilet paper; it would lose its monetary value entirely (which, I might add, silver already has). Which in practical terms, means gold (and silver) will continue to trade around their respective costs of production indefinitely, and continue achieving new inflation-adjusted lows.
As for Bitcoin, the cases for owning it improve with each passing day – whilst the reasons to NOT own it equally rapidly diminish. At just $110 billion, Bitcoin’s market cap is a fraction of the $7-$8 trillion gold is worth; and infinitesimal, compared to $200-$300 trillion increasingly anachronistic legacy assets like stocks, bonds, and fiat currencies trade for. Fiat currency is dying; gold is dead; and despite an epic boom and bust cycle, cryptocurrency is alive and well – building stronger price support each day, as it prepares for the inevitable “next leg” of its historic, world-changing bull market.
Notice, I used the word “cryptocurrency” in the last sentence, instead of “Bitcoin” – as whilst Bitcoin is the unquestioned king, the asset class as a whole will unquestionably come along for the ride…in most cases, for purely speculative reasons; and for a handful of potentially huge long-term winners, use cases that have not yet been recognized or developed.
HODLing Bitcoin in offline hardware wallets is unquestionably the easiest, safest way to do this…and once the explosion begins, it should rapidly become apparent that unlike what occurred in late 2017, this time around it will be do to a virally spreading recognition that global ADOPTION is equally inevitable!