Topic: Peter Schiff speculation, bitcoin will never hit $50k - page 2. (Read 941 times)

Its not impossible as China has been a major buyer of gold for over a decade along with Russia, not only being the worlds largest buyer but also the worlds highest producer of gold and importer.   They dont export unfinished gold or even manufactured gold so far as I know so they are storing tons of gold every year as reserves, more then any other country in the world.  
  Yet they are still behind because previously they had no gold reserves and USA still has the most gold reserve in the world but also the highest production of debt and money owed to the rest of the world where as China is a net exporter, USA has trade and fiscal deficit of a trillion per annum I think.  
  I doubt we have China setting up any good currency standard and in crypto I dont see them respecting decentralisation.    Communism in its perfect ideals is supposed to be distributed power and in reality its a military dictatorship that kidnaps citizens without trial for politics and carries out summary executions, its unlikely they act any differently in currency standards from humanitarian.   I do expect them to switch from dollar to demanding gold some day, but they benefit so long as gold is not valued relative to total dollars available ie. a price lower then Nixon's alteration of global reserve standards.     It would be too open and honest to have gold backed crypto, maybe in ten years when they are more of an importer then exporter.

Totally unconfirmed rumors, based on nothing more than the insane ramblings of Max Keiser: https://www.youtube.com/watch?v=DgOthBngUq0

Take everything Max Keiser says with a giant bag of salt.

China may be hoarding gold but I doubt they are backing their digital currency with it. A gold standard? Give me a break. Control over CNY/RMB exchange rates is a key part of China's economic strategy.....

The problem with people within crypto is that they want these high level legacy investors to embrace crypto, while it's so obvious that it goes against everything he has built up throughout the last years with his business Europac.

Even if he really likes Bitcoin, he will still pretend that it has no value at all in the media because of his business.... if there was no gold business involved I'm sure his opinion on Bitcoin would be completely different.

People just need to accept that there are certain incentives these legacy players have to protect. As long as that is the case, they will keep trash talking Bitcoin and the general crypto space.... so indeed, lets just get over it an move on.

They need a Plan B for people that will say CNY is just useless fiat just like USD. It is good to always have Plan B.

Can we just stop drawing our attention to this guy then, obviously he’s just a one sided man and very conservative with his traditional investments. Let them stick to their old school stuff and lets take care of our own.

The thing with price falling in anything, its not a negative for the commodity itself.   If you wanted to buy alot of wheat to make some food, nobody minds a lower price so long as they have a use for it.   Part of the reason why Bitcoin lasted this long is that when price falls it has at least some benefit for someone out there.   Many thought its a one way market subject to bubble then pop but thats long past been proved not the case.
 
lol thats a good point but be glad if someone says something can never happen, it makes it all the more likely.   You got to think of all those people who consider this newfangled thing as without any purpose or use, they are future buyers.   I'm more scared when everyone is abroad and there is no calls for failure or much lower price, then I think people are too bullish and I call that a negative sign personally.

Oh for god's sake, Peter Schiff and his never ending stream of baloney.

He will never say gold isn't bullish, even when the price is falling.  He said that the whole time gold was sinking after it hit its last all time high about 8 years ago and he'll keep saying the same stuff regardless of what gold does.  Because of that I just can't take him seriously when he talks about bitcoin.

China is creating a gold backed crypto?  That's news to me.  I thought the world was essentially done with the gold standard.  Why would they bother with some strange hybrid like that?

Super more than Tom Lee permabull Max Keisler has speculated that China's cryptocoin might be backed by gold. Peter Schiff responds that it might be bad for bitcoin.

I speculate that it might be more heavenly for bitcoin's capital flight market hehehehe. Coin to coin trading is easier than fiat to coin.



Source https://u.today/bitcoin-will-suffer-if-china-coin-gets-backed-by-gold-peter-schiff-responds-to-max-keiser

Peter Schiff might be right if only the institutional investors' definition of a safe haven is considered. However, let us see. Bitcoin might be already on new all time highs by the next global recession. Peter has been very critical of bitcoin since it was $100 hehehe.


In a Twitter debate on August 29, Schiff used the sudden weakness in the Bitcoin price to suggest it was an unreliable alternative investment to assets such as stocks and fiat currency.

He rejected previous theories that BTC could help investors looking to hedge risk from exposure to factors such as the US-China trade war.

Bitcoin lost around 8% on Thursday, taking its price to below $9500 – a level it has stayed at since.

“Bitcoin has again failed the safe haven test,” Schiff declared.

“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!”

Read in full https://bitcoinist.com/bitcoin-failed-safe-haven-test-again-goldbug-schiff/

In the other side, maybe they only want to buy coins in cheap price. what is the reason people especially influencer make something that can affect on bitcoin price, only they who know it. Maybe for now like what other people said, maybe we as traders already know this strategy and wouldn't trapped for something like this. Maybe need to spread to others too so they not always believe something like this.

The reason you cannot trust a celebrity speculating on something is because they are paid to do so with the amount of followers they have and it might have an impact on the market momentarily, but people who are in this market or any market for a long time have seen these tactics and since it is a decentralized market defamation cannot be charged against them, not sure whether they will have a speculated prediction like this against any companies listed in the stock exchange.

We shall all see sime day that this Man prediction about bitcoin has no iota of truth when bitcoin finally hit $50,000 and above. If I may ask about his previous prediction of the financial market and housing? Has any of his prediction come to fulfilment? If the answer is yes then he should be aware that Bitcoin and crypto currency is a different market entirely.

And all that you have said, what is then your own prediction? Because, those ones that are predicting positive figures are doing so at least to make the market lively and active, because without those prediction to rely on and give some people hope, we may not have gotten some people to be putting in money.

The only speculation that I usually do not support are those that are against bitcoin, because they only end up creating unnecessary FUD which we have some people that are not strong enough and it will affect them, but a high prediction still have a way of keeping our spirit high even if they say it will become 5 million dollars, it is now left for us to personally analyze it and see if there is any sense or possibility in those predicted figures for us to act on or not.

With all these speculation that is coming out everyday  i realize that i will not believe to every speculation made by known persons , i will just wait what will happen to bitcoin  by next year.  Speculations/ predictions  wont make any  change on bitcoins price.

That's why it's going to become $78,532 

Almost everyone wants to be an expert in bitcoin's price prediction, it seems very funny how silly proposals they throw. Some says bitcoin will reach 100K, 1 million, others say it will go down to 100$ and etc, very silly proposals. Hate when I see people predict things without arguments, did they see dreams and then state them?
Cmon man, never listen to those popular people, never, just listen to yourself, be logical, read crypto related news and you'll succeed.

I strongly disagree. We are in a volatile market which high possibilities are present. If we made $20,000 before, then it is not far that we can also reach $50,000. And since this Peter Schiff is anti -crypto, what do you expect from him? He'll just insecure that bitcoin is improving much, opposite from what he wanted to happen.

I've used some of Schiff related companies for buying gold so I did have Crypto purchases for gold grams many times over.   However earlier this year they stopped accepting the purchase via this medium, I dont know if some other part of the empire still takes it but it was pain they blocked my route and gold has now risen as well as BTC of course.

The reason its possible is they purely use it as a transaction medium, so they retain none of the crypto themselves.   I dont think the company even handles it personally, they are just utilising Bitpay perhaps.

Its slightly ironic I agree but the explanation I heard was they are happy to let people sell Bitcoin to buy gold.   In the process they are also acknowledging Bitcoin is a reliable means of payment so its quite funny.



Schiff has been against BTC since the start, maybe right from 2011 or so.   He has admitted himself he would have been alot richer to have just taken some.     I dont believe he owns anything close to 1% of his spare cash in crypto or even a tenth of that, his main involvement is mentioning it lacks any physical backing.   Of course BTC can never be backed by physical assets, that would be something else so I guess he misses the point slightly.

If Peter Schiff hates Bitcoin sooo much and love PMs, then why is he willing to take your Bitcoin in exchange for Gold and Silver? Hmmmm? Think about it.    Lol

https://schiffgold.com/buy/buying-gold-silver-bitcoin/

That's his opinion though. You know what, everyone can make any claim in this century we're in and get a lotta literature to back the claims but the reality is what happens tomorrow hehee.... So let them keep on hating...