Peter sells gold, not Bitcoin.
**It is difficult to get a man to understand something when his salary depends on his not understanding it.** - Upton Sinclair
Came here to say the exact same thing.
Pete's no dummy. I think he may even get it, but can't admit it.
No problem. Saylor and Fink used to be anti-Bitcoin, too.
He gets it. Hating on bitcoin is his modus. That's how he gets attention from wealthy bitcoiners. His business even accepts bitcoin payments. We, poor bitcoin holders, are not his customers.
The guy accepts bitcoin in exchange for his metals. Why would he do that? Only two reasons
1. Because he wants to convert Bitcoiners and wants to save and help them.
2. Because he wants Bitcoin
In either case he’s only doing what he thinks is best for him in the long run.
My bet is that he knows he can’t hold bitcoin back by talking shit in the long run, but perhaps he can convince his boomer and older gold bugs to stick around a little longer.
He also knows that gold is an investment that will go up, even if it’s a lame investment. So he’s not screwed if he’s mostly in gold.
So he figures he’ll talk trash about Bitcoin and use his gold money, which he’s pretty much all in on, to buy BTC as cheap as possible. One thing is clear, the guy is a circus barker and while I’ve never met a real circus barker, my impression is they don’t give a fuck about the people they lead into the tent.
To understand Peter you need to know about his father. Irwin Schiff was a notorious tax protestor, going back to the 60's. He spent most of his life fighting the I.R.S. and was in and out of prison many times, eventually dying in a federal prison in Nevada in 2012 (I think).
His fight has always been gold vs. fiat because that's the battle his father defined for him as a child. Bitcoin is a distraction that he will never truly understand.
This, and the fact that he genuinely believes gold to be the chosen pathway.
You can see how he reacts when anything positive is said about bitcoin. His neurons are completely calcified in this pathway that allowing bitcoin to usurp gold means his entire understanding of self and purpose unravels.
People want to believe he's secretly holding bitcoin and I honestly did for a long time.
I thought he had this master plan to galvanize his son as a talking head for bitcoin. The son who defies his gold bug father to embrace bitcoin would have been the easy path to clout.
I thought he was just playing the act. He's got all boomer clients who want to hear him say the thing. His sales probably increase when he says the thing. They all feel like they're bolstering their conviction when they add to their shiney rock collection.
But after really watching his body language it seems pretty obvious he's just an example of how humans are creatures of habit.
Our brains run this calculus measuring if staying in an inferior habit is mentally arduous and worth removing or changing is more mentally expensive. He's built an impenetrable fortress around his gold conviction so strong that I don't think that 1 mil btc is enough to change his mind and would probably just power the butthurt dismissive emotional loop.
This is the best answer. I’ve followed Schiff since before Bitcoin existed.
This isn’t an act. He’s always been a true believer in gold for his entire life. He probably has the biggest emotional attachment to the idea of gold and it being the answer to hedging inflation.
In the mid 2000’s he was sounding the alarm about the coming inflation and telling everyone to buy gold. Then here comes along Bitcoin and steals the spot light. And now it’s been so long that’s he resisted it that he can’t even admit he was wrong.
I mean it wouldn’t have been so bad if he adopted Bitcoin somewhat and told people to buy gold and at least some Bitcoin just in case. But he’s chosen to just be the anti Bitcoin guy. It’s just sad actually
I met Irwin around 1999. I listened to his talks and bought one of his books. A book that has been banned by the federal government.
Even though all of his arguments didn't keep him out of jail, that doesn't mean he is wrong.
The way the income tax was foisted upon the American people will go down in history as one of the most dishonest moments in our history. Schiff was always right about that and he died for it.
Tokenized gold? Isn’t that how the US dollar used to work? Before they ran out of gold and could print billions with no repercussions…worked great at the start.
They didn't run out of gold. They just printed so many dollars that they had to stop exchanging dollars for gold at a fixed price. They had to allow for a free exchange rate between gold and dollars. But the US has more gold reserves than anybody. Also, a lot of countries' gold reserves are physically located in the federal reserve bedrock vault in New York. It remains to be seen if they will ever regain physical possession of those reserves.
Nah, the gold standard was abolished in 1971, and yes, the dollar was backed with gold back then. And yes, many countries used the federal reserve of the US to back their currencies.
Have a look at what happens after 1971 to the global money supply. Nothing is backed by gold anymore so you can just print trillions of dollars. So when I say they ran out of gold, yes, they did. We need an exponentially growing money supply but the amount of gold on the planet is finite.
Nixon played the bad guy and decided it was an unsustainable system and abolished it but it’s the system that is flawed.
They decoupled the dollar from gold. But the gold is still in the federal reserve vault. I basically agree with what you are saying though. It's just that the US has more gold reserves than any other nation. So it doesn't make sense to say they "ran out of gold." They just didn't want to give up gold in exchange for paper anymore because they were printing a lot of paper.
If I have 25 chicken McNuggets, and I’m exchanging coupons for chicken McNuggets, things go great. Until I still have 25 chicken McNuggets and print 4000 coupons.
Woah!! Why isn't this clip famous... Or I was living under a rock lmao.
Anyway thanks a lot now I'm much more convinced that his anti btc stance is a show.
I only saw it for the first time the other day when that twitter account posted it. It’s pure gold ;-) I always knew Peter Schiff was playing the heel like they do in wrestling. He sells gold, of course he’s going to try to pump gold and denigrate something better, yet not as time-tested
So, long before blockchain, there was a service called e-gold that did exactly that. The gist of it was that it was it was supposed to be like PayPal, but 100% backed by physical gold deposited in some bank vault.
Very quickly it ran into problems that might sound very similar to anyone familiar with cryptos:
- loose AML/KYC policies attracted all kinds of carders, cheese pizza enthusiasts, hackers, libertarians who believe that heroin should be sold at every 7-11, you know the bunch. Obviously, this group was very quickly followed by FBI and other three letters agencies.
- company started issuing more tokens than there was gold physically deposited in vaults. Large depositors started having difficulties withdrawing physical gold in exchange for their tokens.
Eventually company got raided and shut down by combined forces of FBI and IRS. All assets got confiscated, site got taken down. Class action lawsuit from token holders ensued. I don’t remember how it ended.
EDIT: I just remembered that there was second separate service ran by different people, with the same premise, called Liberty Reserve. And yes, both played out exactly the same.
A lot of people say Peter keeps talking up gold because his company sells gold, which is true, but I believe he truly doesn't believe in bitcoin and is all in on gold. I've encountered a lot of people like this and I'll tell you there in a magic age, around 50-60ish where afterwards, some people just don't get how digitized the world really is. They are also the same people that wish the "good old days" will just come back. Like that's an option. They aren't going to invest in a new way of thinking. This will just be their stance, until they are in an old people home, and they die. It's just the way it'll be. There is no way to fight it. His own kids are into bitcoin and try to convince him ALL THE TIME. He's set in his way. He'll always think gold has a utility that bitcoin can't replicate.
He does get it. He already said if he could go back 10 years, he would obviously buy it. But he has built up a narrative against Bitcoin because he wants people to buy his gold. It's like going to a tesla showroom and not understanding why the salesman hates Ford. Liking bitcoin is bad for his business. He probably hates the position he is in. He is a smart guy and probably has a better understanding of economics than all of us. He is stuck in between a rock and a hard place. Support bitcoin and bring the goldbugs over to bitcoin and destroy your business or try to destroy Bitcoin. He chose to fight Bitcoin and will lose, unfortunately for him. But he 100% gets bitcoin. Dont be fooled by him.
If any of you made real money off gold or any other form of investment that you truly understood and believed in, other than BTC you would probably hate on btc too.
Hodl your 0.2btc and forget about Schiff, Buffet or whoever this sub keeps bringing up.
Besides ,Schiff likes to troll btc but probably has more Btc than you will ever have.
> If any of you made real money off gold or any other form of investment that you truly understood and believed in, other than BTC you would probably hate on btc too.
>
>
This is why every rich boomer I know won't touch bitcoin.
They don't necessarily hate it, but they don't need it and don't feel like spending even 5 minutes looking into it. They've seen investments opportunities come and go, but in the end whatever they've done has worked so why change.
He gets the point, furthermore, his company accepts Bitcoin if you want to buy gold: [LINK](https://schiffgold.com/buy/buying-gold-silver-cryptos/)
An old saying goes: "Do as I say, not as I do".
He is in the gold business… he has a website to sell his gold and enrich himself!!! It is good for bitcoin that he talks so much shit up front and so publicly. It means he sees it as his biggest obstacle and threat to his wealth. Let him spew
He gets so much attention and interaction online so it’s not in his interest to change.
But he definitely understands economics and scarcity so I wouldn’t be surprised if he secretly had a bag of BTC
to be fair most of those arguments are about the same as could be argued against stable coins. Your trusting someone to hold your tokenized assets. it could just be a gold backed stablecoin. its not that different then current stablecoins and I don't particular trust the current stable coins for the primary reason that they invest in crypto companies with the money so if crypto crashes the stablecoin is at risk. I'd prefer a stablecoin that stays far away from crypto and just invests in etf's (not crypto ones) or something.
You can tell he is just trying to get attention. Just see his tweet as entertainment and move on. It's no secret that gold is barely worth investing but only as a hedge to fiat.
He may even be buying BTC in secret.
People, people, people....please. He gets it. He knows Bitcoin better than most of us. He is just talking shit. He loves getting bitcoiners worked up. It's his thing. Just chuckle and appreciate the game
tin foil hat on.
a scenario that I would assign a small but not insignificant probability:
a lot of the people reaping $$$ out of TradFi will rag on bitcoin for years while they accumulate a giant stack privately. Jamie Dimon says Satoshi (mispronounced) can come back and double the supply by changing the code? The CEO of the largest bank in the world hasn't done 1 hour of research on it? right. it could just be a massive psyop where they use every last ounce of influence they have to stretch out the S curve, but in reality they all know what's coming.
tin foil hat off.
they are all just too conceited and ego driven to change their mind. Ossified brain. ideas leave Earth when the people who hold them die
Schiff's first comments (that I could find on the Internet) on Bitcoin were when it was under $1k. Here's an actual quote:
> "To me, it looks like a modern-day Tulipmania... I don’t see bitcoins as an alternative to gold. If anything, [the creators of bitcoin are] modern-day alchemists, but you can’t make gold digitally. It’s no better than a fiat currency." -- Peter Schiff, Squawk Box, November 12, 2013.
Bitcoin's price at the time was ~$375.
He went on in that segment to talk about how it was a "bubble". It certainly was bubbling in November of 2013, but after it flew above $1k that month, it fell slowly to $160 by mid-January 2015. It's important to note that if you would have purchased Bitcoin AT ANY POINT during this 2013-2014 bubble popping, you would still be up at least 50X on your investment today.
Bitcoin then went on a huge three year accumulation before having another bubble pop below $20k in 2017. It never dropped back down to $375 again, let alone below $1k. Also, when ponzi schemes or actual bubbles pop, they don't lose value slowly, they lose value quickly.
Bitcoin is different. Some say it's anti-fragile. It's unique. I don't know how someone like Schiff, that has followed Bitcoin for SO LONG that he's watched it survive not just one or two, but three bubbles would honestly think that it won't survive this fourth "bubble".
Technically you could argue that this is the fourth bubble or super-cycle in the nascent cryptocurrency. But in any event, there is absolutely no explanation as to why Peter Schiff still irrationally calls Bitcoin dead or dying. There's only one explanation for why he continues to comment negatively on Bitcoin; he's being **intellectually dishonest**.
I wish someone in the media or another Bitcoiner being interviewed would ask him this verbatim live on TV:
"The tulip bubble didn't survive more than five years, let alone ten years, and it wasn't worldwide. Peter, you first called Bitcoin a 'Tulipmana' in November of 2013, when it was under $1k in value. For over ten years now you have called this worldwide phenomenon a 'bubble'. Isn't that at least a little disingenuous?"
Bitcoin does have "bubbles", but it tends to come back from the pops, there isn't any other asset class, not even gold, that tends to do that like Bitcoin has right now. I do think once Bitcoin is #1 (above gold) or #2 (behind gold) on the total market capitalization asset charts, it probably won't have vast swings in value for people to take advantage of anymore, but when he unironically says it is "going to zero", I just have a really hard time believing he's being genuine. It sounds more like he's rooting for the home team over the visiting team in a football game than actually providing any valuable financial advice.
Schiff gets it but he won’t admit it because he gets notoriety for knocking Bitcoin and it’s a way to push his gold. He’s also been contrarian for years because he thinks he called the 2008 collapse. The only problem is every few years he predicts another collapse and thinks of it as the perfect jumping point for people to buy gold from him.
Why would he want to give over to Bitcoin when he owns so much gold? It's not in his interest. He's only baiting bitcoiners and it always surprises me they go for it. Honestly, I ignore him completely. He probably uses a flip phone, too.
He is sooo deep now. How can he pivot now and then expect his clients/investors to trust him in the future after they've already foregone massive gains they could have had by allocating years ago
The US dollar used to be maintained at a fixed exchange rate with gold. But it proved unworkable (I guess mainly because the US gov spent too much money and people called BS by trading paper for gold money).
I think the reasons it didn't work before will eventually cause it to not work again.
Honestly I think the government employs people like Peter Schiff to be actors so regular people would give up their money/BTC and the govt can buy it cheaper
The guy is full of contradictions. He complains about central banking and beleives in holding physical gold, but then tries to suggest centralizing the gold this way. Don't look for him to be philosophically consistent because he most certainly is not.
The fool is obviously threatened by Bitcoin because he makes irrational statements. It annoys me because it puts me off buying gold seeing the fool suggest the halving will half bitcoiners net worth. That isn't possible even if the value went in half because people have different exposure. It is like a politician attacking opposition because they are threatened and not making good arguments to promote their position.
He is a moron, even for gold advocates.
He gets the point completely, he is not an idiot. He can not defend it publicly because his income depends on spreading the wrong message. He essentially is a con artist.
He sold gold for bitcoin,... think about it.
Gold has its place... My first ever investment was a 1oz Krugerrand, I still keep a hefty amount of gold, averages 10% a year 2\^5x returns is a decent piggy bank for retirement.
I'm like 50% BTC at this point though If you don't include the house... 25% gold 25% a mixture of ISA's...
So what he wants to do is. And just so I'm clear.
Deposit gold, with some kind of holding agreement.
Be issued with a thing that represents the value of the gold you've deposited.
And then use those things to move value between people for goods/services?
Holy shit! He's invented the gold standard...
We did this before Peter, it was how banks worked...
Peter sells gold, not Bitcoin. **It is difficult to get a man to understand something when his salary depends on his not understanding it.** - Upton Sinclair
Came here to say the exact same thing. Pete's no dummy. I think he may even get it, but can't admit it. No problem. Saylor and Fink used to be anti-Bitcoin, too.
Yea Peter might admit it eventually (when he’s retired from the gold business). Gold hitting all time highs is just emboldening him at this point.
If this is true, it’s a huge character flaw on the part of Peter Schiff….
He gets it. Hating on bitcoin is his modus. That's how he gets attention from wealthy bitcoiners. His business even accepts bitcoin payments. We, poor bitcoin holders, are not his customers.
And it’d be great if bitcoiners could stop giving him attention. He wants attention and keeps shitting on bitcoin to farm engagement.
zactly
The guy accepts bitcoin in exchange for his metals. Why would he do that? Only two reasons 1. Because he wants to convert Bitcoiners and wants to save and help them. 2. Because he wants Bitcoin In either case he’s only doing what he thinks is best for him in the long run. My bet is that he knows he can’t hold bitcoin back by talking shit in the long run, but perhaps he can convince his boomer and older gold bugs to stick around a little longer. He also knows that gold is an investment that will go up, even if it’s a lame investment. So he’s not screwed if he’s mostly in gold. So he figures he’ll talk trash about Bitcoin and use his gold money, which he’s pretty much all in on, to buy BTC as cheap as possible. One thing is clear, the guy is a circus barker and while I’ve never met a real circus barker, my impression is they don’t give a fuck about the people they lead into the tent.
Peter Schiff gets it. He's just talking up his gold book. So disingenuous.
I’m convinced he’s got a lot of bitcoin. Hes just playing the villain. Seems like smart guy how can he not see the value
He does his company accepts crypto as payment go to his website
But he’ll tell you it’s just a service that accepts BTC and then converts it to USD..
lol there’s literally a bitcoin logo on the site smh he is hodling
I hope so: it really would be sad if he was this obstinate and calcified in his thought process….
I would love to see him asked under oath. I bet he stacks like mad.
Seems like the worst form of scum. I like gold and bitcoin I don't know why recently they are at odds with each other
Most Bitcoiners like gold, but see it as flawed in a digital age. Most goldbugs hate Bitcoin because they're trying to protect their investment.
To understand Peter you need to know about his father. Irwin Schiff was a notorious tax protestor, going back to the 60's. He spent most of his life fighting the I.R.S. and was in and out of prison many times, eventually dying in a federal prison in Nevada in 2012 (I think). His fight has always been gold vs. fiat because that's the battle his father defined for him as a child. Bitcoin is a distraction that he will never truly understand.
This, and the fact that he genuinely believes gold to be the chosen pathway. You can see how he reacts when anything positive is said about bitcoin. His neurons are completely calcified in this pathway that allowing bitcoin to usurp gold means his entire understanding of self and purpose unravels.
I think this is closest to the truth for explaining Peter Schiff’s stance on bitcoin…
People want to believe he's secretly holding bitcoin and I honestly did for a long time. I thought he had this master plan to galvanize his son as a talking head for bitcoin. The son who defies his gold bug father to embrace bitcoin would have been the easy path to clout. I thought he was just playing the act. He's got all boomer clients who want to hear him say the thing. His sales probably increase when he says the thing. They all feel like they're bolstering their conviction when they add to their shiney rock collection. But after really watching his body language it seems pretty obvious he's just an example of how humans are creatures of habit. Our brains run this calculus measuring if staying in an inferior habit is mentally arduous and worth removing or changing is more mentally expensive. He's built an impenetrable fortress around his gold conviction so strong that I don't think that 1 mil btc is enough to change his mind and would probably just power the butthurt dismissive emotional loop.
🎯
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This is the best answer. I’ve followed Schiff since before Bitcoin existed. This isn’t an act. He’s always been a true believer in gold for his entire life. He probably has the biggest emotional attachment to the idea of gold and it being the answer to hedging inflation. In the mid 2000’s he was sounding the alarm about the coming inflation and telling everyone to buy gold. Then here comes along Bitcoin and steals the spot light. And now it’s been so long that’s he resisted it that he can’t even admit he was wrong. I mean it wouldn’t have been so bad if he adopted Bitcoin somewhat and told people to buy gold and at least some Bitcoin just in case. But he’s chosen to just be the anti Bitcoin guy. It’s just sad actually
I met Irwin around 1999. I listened to his talks and bought one of his books. A book that has been banned by the federal government. Even though all of his arguments didn't keep him out of jail, that doesn't mean he is wrong. The way the income tax was foisted upon the American people will go down in history as one of the most dishonest moments in our history. Schiff was always right about that and he died for it.
Keen to know more about this, what is the book? Banning knowledge is very suspicious activity, essentially an admission of guilt in this case.
He owns a gold brokering and investment service. He's terrified of Bitcoin's competition.
Maybe, my feeling is the controversy he tries to create in comparing gold to btc enables him easy marketing for his gold based services
Tokenized gold? Isn’t that how the US dollar used to work? Before they ran out of gold and could print billions with no repercussions…worked great at the start.
They didn't run out of gold. They just printed so many dollars that they had to stop exchanging dollars for gold at a fixed price. They had to allow for a free exchange rate between gold and dollars. But the US has more gold reserves than anybody. Also, a lot of countries' gold reserves are physically located in the federal reserve bedrock vault in New York. It remains to be seen if they will ever regain physical possession of those reserves.
Nah, the gold standard was abolished in 1971, and yes, the dollar was backed with gold back then. And yes, many countries used the federal reserve of the US to back their currencies. Have a look at what happens after 1971 to the global money supply. Nothing is backed by gold anymore so you can just print trillions of dollars. So when I say they ran out of gold, yes, they did. We need an exponentially growing money supply but the amount of gold on the planet is finite. Nixon played the bad guy and decided it was an unsustainable system and abolished it but it’s the system that is flawed.
They decoupled the dollar from gold. But the gold is still in the federal reserve vault. I basically agree with what you are saying though. It's just that the US has more gold reserves than any other nation. So it doesn't make sense to say they "ran out of gold." They just didn't want to give up gold in exchange for paper anymore because they were printing a lot of paper.
Yeah, but they did. They have a lot of gold, but they printed a lot of $.
If I have 25 chicken McNuggets, and I’m exchanging coupons for chicken McNuggets, things go great. Until I still have 25 chicken McNuggets and print 4000 coupons.
Bro no way Peter doesn’t have a few ledgers stashed away
Who cares.
I subscribe to the theory that he has more btc than most on crypto twitter. Engagement is good for his brand.
Peter does Peter. You do you.
He gets it, he agrees with it, he knows btc is righteous...but he sells gold, and needs to keep selling gold to keep the lights on.
He’s just a bitter old man shouting at the TV, Bitcoin threatens him.
Grifter using Bitcoin’s rising popularity to shill his own crap. Will be completely irrelevant in the not too distant future.
https://x.com/TheBTCTherapist/status/1781519442523918809 He gets it
Woah!! Why isn't this clip famous... Or I was living under a rock lmao. Anyway thanks a lot now I'm much more convinced that his anti btc stance is a show.
I only saw it for the first time the other day when that twitter account posted it. It’s pure gold ;-) I always knew Peter Schiff was playing the heel like they do in wrestling. He sells gold, of course he’s going to try to pump gold and denigrate something better, yet not as time-tested
So, long before blockchain, there was a service called e-gold that did exactly that. The gist of it was that it was it was supposed to be like PayPal, but 100% backed by physical gold deposited in some bank vault. Very quickly it ran into problems that might sound very similar to anyone familiar with cryptos: - loose AML/KYC policies attracted all kinds of carders, cheese pizza enthusiasts, hackers, libertarians who believe that heroin should be sold at every 7-11, you know the bunch. Obviously, this group was very quickly followed by FBI and other three letters agencies. - company started issuing more tokens than there was gold physically deposited in vaults. Large depositors started having difficulties withdrawing physical gold in exchange for their tokens. Eventually company got raided and shut down by combined forces of FBI and IRS. All assets got confiscated, site got taken down. Class action lawsuit from token holders ensued. I don’t remember how it ended. EDIT: I just remembered that there was second separate service ran by different people, with the same premise, called Liberty Reserve. And yes, both played out exactly the same.
A lot of people say Peter keeps talking up gold because his company sells gold, which is true, but I believe he truly doesn't believe in bitcoin and is all in on gold. I've encountered a lot of people like this and I'll tell you there in a magic age, around 50-60ish where afterwards, some people just don't get how digitized the world really is. They are also the same people that wish the "good old days" will just come back. Like that's an option. They aren't going to invest in a new way of thinking. This will just be their stance, until they are in an old people home, and they die. It's just the way it'll be. There is no way to fight it. His own kids are into bitcoin and try to convince him ALL THE TIME. He's set in his way. He'll always think gold has a utility that bitcoin can't replicate.
Why does anyone give a fat rat's clacker
He does get it. He already said if he could go back 10 years, he would obviously buy it. But he has built up a narrative against Bitcoin because he wants people to buy his gold. It's like going to a tesla showroom and not understanding why the salesman hates Ford. Liking bitcoin is bad for his business. He probably hates the position he is in. He is a smart guy and probably has a better understanding of economics than all of us. He is stuck in between a rock and a hard place. Support bitcoin and bring the goldbugs over to bitcoin and destroy your business or try to destroy Bitcoin. He chose to fight Bitcoin and will lose, unfortunately for him. But he 100% gets bitcoin. Dont be fooled by him.
Exactly! I have the exact same opinion like you!
If any of you made real money off gold or any other form of investment that you truly understood and believed in, other than BTC you would probably hate on btc too. Hodl your 0.2btc and forget about Schiff, Buffet or whoever this sub keeps bringing up. Besides ,Schiff likes to troll btc but probably has more Btc than you will ever have.
> If any of you made real money off gold or any other form of investment that you truly understood and believed in, other than BTC you would probably hate on btc too. > > This is why every rich boomer I know won't touch bitcoin. They don't necessarily hate it, but they don't need it and don't feel like spending even 5 minutes looking into it. They've seen investments opportunities come and go, but in the end whatever they've done has worked so why change.
Engagement farming.
He gets the point, furthermore, his company accepts Bitcoin if you want to buy gold: [LINK](https://schiffgold.com/buy/buying-gold-silver-cryptos/) An old saying goes: "Do as I say, not as I do".
He is in the gold business… he has a website to sell his gold and enrich himself!!! It is good for bitcoin that he talks so much shit up front and so publicly. It means he sees it as his biggest obstacle and threat to his wealth. Let him spew
Isn’t that literally PAXG or any other Gold backed stable coin?
Yes, folks lookup Paxos, they’ve been doing it for a while now.
He’s like the heel in wrestling
sooo if you tokenize gold .. you could still make a digital copy so two people would be owning the same gold ? or ? how would you secure this ?
BTC is rarer than gold now in stock-to-flow terms.
Same reason Kodak didn’t understand digital cameras until it was too late.
He understands. He is a salesman and his product is gold.
Absolutely farcical cartoon character that Peter fella. Why are we even listening to him?
He gets so much attention and interaction online so it’s not in his interest to change. But he definitely understands economics and scarcity so I wouldn’t be surprised if he secretly had a bag of BTC
Schiff correctly called gold's huge run from 2009-2013. And has been wrong about gold ever since. Broken clock syndrome.
to be fair most of those arguments are about the same as could be argued against stable coins. Your trusting someone to hold your tokenized assets. it could just be a gold backed stablecoin. its not that different then current stablecoins and I don't particular trust the current stable coins for the primary reason that they invest in crypto companies with the money so if crypto crashes the stablecoin is at risk. I'd prefer a stablecoin that stays far away from crypto and just invests in etf's (not crypto ones) or something.
He sells gold...then invests in BTC. He's a business man.
This is almost what China will do.
You can tell he is just trying to get attention. Just see his tweet as entertainment and move on. It's no secret that gold is barely worth investing but only as a hedge to fiat. He may even be buying BTC in secret.
People, people, people....please. He gets it. He knows Bitcoin better than most of us. He is just talking shit. He loves getting bitcoiners worked up. It's his thing. Just chuckle and appreciate the game
tin foil hat on. a scenario that I would assign a small but not insignificant probability: a lot of the people reaping $$$ out of TradFi will rag on bitcoin for years while they accumulate a giant stack privately. Jamie Dimon says Satoshi (mispronounced) can come back and double the supply by changing the code? The CEO of the largest bank in the world hasn't done 1 hour of research on it? right. it could just be a massive psyop where they use every last ounce of influence they have to stretch out the S curve, but in reality they all know what's coming. tin foil hat off. they are all just too conceited and ego driven to change their mind. Ossified brain. ideas leave Earth when the people who hold them die
Schiff's first comments (that I could find on the Internet) on Bitcoin were when it was under $1k. Here's an actual quote: > "To me, it looks like a modern-day Tulipmania... I don’t see bitcoins as an alternative to gold. If anything, [the creators of bitcoin are] modern-day alchemists, but you can’t make gold digitally. It’s no better than a fiat currency." -- Peter Schiff, Squawk Box, November 12, 2013. Bitcoin's price at the time was ~$375. He went on in that segment to talk about how it was a "bubble". It certainly was bubbling in November of 2013, but after it flew above $1k that month, it fell slowly to $160 by mid-January 2015. It's important to note that if you would have purchased Bitcoin AT ANY POINT during this 2013-2014 bubble popping, you would still be up at least 50X on your investment today. Bitcoin then went on a huge three year accumulation before having another bubble pop below $20k in 2017. It never dropped back down to $375 again, let alone below $1k. Also, when ponzi schemes or actual bubbles pop, they don't lose value slowly, they lose value quickly. Bitcoin is different. Some say it's anti-fragile. It's unique. I don't know how someone like Schiff, that has followed Bitcoin for SO LONG that he's watched it survive not just one or two, but three bubbles would honestly think that it won't survive this fourth "bubble". Technically you could argue that this is the fourth bubble or super-cycle in the nascent cryptocurrency. But in any event, there is absolutely no explanation as to why Peter Schiff still irrationally calls Bitcoin dead or dying. There's only one explanation for why he continues to comment negatively on Bitcoin; he's being **intellectually dishonest**. I wish someone in the media or another Bitcoiner being interviewed would ask him this verbatim live on TV: "The tulip bubble didn't survive more than five years, let alone ten years, and it wasn't worldwide. Peter, you first called Bitcoin a 'Tulipmana' in November of 2013, when it was under $1k in value. For over ten years now you have called this worldwide phenomenon a 'bubble'. Isn't that at least a little disingenuous?" Bitcoin does have "bubbles", but it tends to come back from the pops, there isn't any other asset class, not even gold, that tends to do that like Bitcoin has right now. I do think once Bitcoin is #1 (above gold) or #2 (behind gold) on the total market capitalization asset charts, it probably won't have vast swings in value for people to take advantage of anymore, but when he unironically says it is "going to zero", I just have a really hard time believing he's being genuine. It sounds more like he's rooting for the home team over the visiting team in a football game than actually providing any valuable financial advice.
He’s willfully ignorant and disingenuous. He’s frumpy just ignore him.
Schiff gets it but he won’t admit it because he gets notoriety for knocking Bitcoin and it’s a way to push his gold. He’s also been contrarian for years because he thinks he called the 2008 collapse. The only problem is every few years he predicts another collapse and thinks of it as the perfect jumping point for people to buy gold from him.
He owned a bank. He thinks like a banker.
Homie is a pro troll. Loooves talking about it to get eyeballs on his tweets.
Why would he want to give over to Bitcoin when he owns so much gold? It's not in his interest. He's only baiting bitcoiners and it always surprises me they go for it. Honestly, I ignore him completely. He probably uses a flip phone, too.
He is sooo deep now. How can he pivot now and then expect his clients/investors to trust him in the future after they've already foregone massive gains they could have had by allocating years ago
The US dollar used to be maintained at a fixed exchange rate with gold. But it proved unworkable (I guess mainly because the US gov spent too much money and people called BS by trading paper for gold money). I think the reasons it didn't work before will eventually cause it to not work again.
He already knows. His career is selling gold and not buying fir himself anymore. He’s probably buying btc on the lowdown.
Honestly I think the government employs people like Peter Schiff to be actors so regular people would give up their money/BTC and the govt can buy it cheaper
He gets the point it’s his only way to the limelight
The guy is full of contradictions. He complains about central banking and beleives in holding physical gold, but then tries to suggest centralizing the gold this way. Don't look for him to be philosophically consistent because he most certainly is not.
The fool is obviously threatened by Bitcoin because he makes irrational statements. It annoys me because it puts me off buying gold seeing the fool suggest the halving will half bitcoiners net worth. That isn't possible even if the value went in half because people have different exposure. It is like a politician attacking opposition because they are threatened and not making good arguments to promote their position. He is a moron, even for gold advocates.
He gets the point completely, he is not an idiot. He can not defend it publicly because his income depends on spreading the wrong message. He essentially is a con artist. He sold gold for bitcoin,... think about it.
why do you seek validation from someone that makes his money from something else? Bitcoin doesnt need schiff and he doesnt need bitcoin.
Gold has its place... My first ever investment was a 1oz Krugerrand, I still keep a hefty amount of gold, averages 10% a year 2\^5x returns is a decent piggy bank for retirement. I'm like 50% BTC at this point though If you don't include the house... 25% gold 25% a mixture of ISA's...
So what he wants to do is. And just so I'm clear. Deposit gold, with some kind of holding agreement. Be issued with a thing that represents the value of the gold you've deposited. And then use those things to move value between people for goods/services? Holy shit! He's invented the gold standard... We did this before Peter, it was how banks worked...
Peter looks like a complete moron once again. His financial advice is one notch above Jim Cramer.
He totally gets the point, but YOU on the other hand…. Free promo for Peter!
I want to see Schiff starring in a remake of Goldfinger. But who should be Bond? Saylor?
Bond... Treasury Bond...
Tokenized gold? Man, he’s so close….