"[Bitcoin] is not a store of value. Peter asked. So I knew that that long trend that had been going on for so many years was going to continue.
If you watch The Peter Schiff Show on YouTube or listen to him on the Peter Schiff Show podcast, you know that Peter Schiff is also convincing. "We're printing forever. More recently (for almost ten years now) Schiff has predicted an intense bear market during which time gold prices would rise to $5,000 per ounce. I can make a ring out of it. "I can take my gold and use it. "Pomp brought up one thing both he and Peter can agree on - the macroeconomy is screwed up and something other than what's going on has to be the solution, whether it is gold or bitcoin.At the time of the recording, gold had just broken its all-time record.Pomp brought up one thing both he and Peter can agree on - the macroeconomy is screwed up and something other than what's going on has to be the solution, whether it is gold or bitcoin.The bitcoin is not stable enough to price goods and services directly in bitcoin.
"Gold measures the value of fiat currencies.
It's got to hold $10,000 now, don't you think?" … If the dollar is going to fall, and people believe it is going to fall, they're going to dump those bonds. It has no substance. So now the bottom's going to drop out of the dollar; I think gold's going to go through the roof. Have a look around.It’s not that Peter Schiff is wrong about everything, it’s that in getting so much wrong, regular readers and listeners are bound to get led astray. It's been here for a long time.
But who the hell can afford that? Peter Schiff loves gold. Schiff Gold, LLC. … The supply of gold, ever since we've been mining gold, the supply increases by about 1% per year. You have to just trust the miners and all these people … and you have to trust people are going to want it. Elevated in some corners as an oracle, Schiff was taken on as Ron Paul’s personal financial advisor in his last run for President (Schiff is a Libertarian). It measures the value of the dollar. Peter pointed out the last three times this has happened, bitcoin got killed. He sacrifices insight for simplicity and shock value. It's zero percent forever. It's put up or shut up for bitcoin.
Instead, he says that people should turn their focus to gold, claiming that gold is in a “reverse bubble”, with prices “ridiculously low given the state of the world’s financial system”. (Formerly Euro Pacific Precious Metals, LLC.) If you’re reading this, it’s likely that you’ve come across some of his work. In late 2008, it was China was going to destroy American currency through debt reclamation. ""Oh yeah, look," Peter said, "The dollar index is tanking tonight. Modest Money is the place where people come to learn about investing and how to use it as a means to a better life. In 2011 and 2012 it was hyperinflation and the dissolution of the value of the US Dollar. "The world's central banks, all these countries all around the world, that have their own fiat currency, they're not going to abandon that fiat currency. But before you follow the advice on his blog, show, or news appearances, make sure you understand the rest of the story. "Peter asked a poignant question: how is the Fed going to stop the dollar from falling?Known as "Pomp," Pompliano is co-founder and partner at Morgan Creek Digital, "a multi-strategy investment firm focused on providing access to blockchain technology and digital assets. Peter Schiff is a prolific writer and video creator. This last figure has gone on the record over and over, but gold prices remain, usually, less than $1500.Peter Schiff is a prolific writer and video creator. But Peter Schiff’s investment recommendations don’t usually work out well for people who take him seriously.
"So, the question is, is the fourth time the charm for bitcoin? "I've been waiting since 2011 for gold to take out that high," Peter said.There's not an unlimited supply of gold. Almost any mention of Schiff’s name on the internet is not far from a repetition of that fact, and it continues to buoy his reputation to this day.
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