Kitco News, Released on 1/18/21
Bitcoin is an asset that is fueled almost entirely by “false hope” and should demand falter, the price is just going to “collapse”, said Peter Schiff, chief market strategist at Euro Pacific Asset Management. “Ultimately, Bitcoin is going to collapse, and any demand that it might have siphoned away from gold is going to return to gold. The Bitcoin story is one of a bubble, it’s a modern-day Tulip Mania, it’s fool’s gold,” Schiff said.
0:00 – Biden’s stimulus plan
3:42 – Inflation
5:56 – Gold price
7:58 – Gold vs Bitcoin
9:5 0 – Bitcoin is “biggest bubble of all”
Peter Schiff is an internationally recognized economist specializing in the foreign equity, currency and gold markets. Mr. made his name as President and Chief Global Strategist of Euro Pacific Capital. He frequently delivers lectures at major economic and investment conferences, and is quoted often in the print media, including the Wall Street Journal, New York Times, Barron’s, BusinessWeek, Time and Fortune. His broadcast credits include regular guest appearances on CNBC, Fox Business, CNN, MSNBC, and Fox News Channel, as well as hosting his own weekly radio show, Wall Street Unspun. He’s also the author of the bestselling books: Crash Proof 2.0, The Little Book of Bull Moves in Bear Markets:, and The Real Crash: America’s Coming Bankruptcy – How to Save Yourself and Your Country.