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Peter Schiff on Bitcoin: Price Will Go To $0
Peter Schiff is predicting the price of Bitcoin will go to $0 and gold will ultimately win the Bitcoin VS. Gold debate.
No surprise - The Crypto Christian disagrees.
Schiff has an excellent understanding of the economy, inflation, and the role of the Federal Reserve. He's well known for predicting the 2008 financial crisis and being an advocate for holding gold as a hedge against inflation.
He's not wrong about inflation. And he's not wrong about gold serving as an excellent hedge against inflation. Historically, this has been true and his clients made a great deal of money by holding gold during the 08 financial meltdown.
However, he has a clear misunderstanding of Bitcoin and cryptocurrencies.
Here is a video of Pomp breaking down Peter Schiff's "takedown" of Bitcoin:
Schiff wants people to believe Bitcoin is going to $0 because it's "not worth anything" or "it's not backed by anything".
Bitcoin is backed by the largest and most advanced computing network in the world. There are thousands of miners and node operators validating the network each and every day. This network is totally decentralized and doesn't require a government or corporation to manage the security of the asset.
This network is certainly worth something.
Bitcoin is also far more scarce than gold. There will only ever be 21 million Bitcoin created. Gold's supply, while scarce, can be grown by additional mining or paper manipulation.
Many Christians, including the author of this article, like the idea of investing in gold or silver to protect our wealth against inflation. There is nothing wrong with that. In fact, we can even read in Scripture how gold and silver are used as a store of value! Gold is an asset that's proven itself for over 5,000 years.
Bitcoin is only 13 years old and therefore an immature asset. However, it's already achieved 1/10th of gold's market cap and is rapidly increasing in value.
Christians are right to respect what's worked for thousands of years. However, dismissing innovation and ignoring new breakthroughs is a foolish mindset. We have created a new asset that can protect our wealth against inflation.
So no... we don't think Bitcoin's price is going to $0!
The Crypto Christian Team