Why Crypto Is A Losing Game with Economist Peter Schiff
Cryptocurrencies are in fashion. Everywhere you look, it seems there is always the “next big thing” when it comes to crypto or blockchain. the fact that it is so new means that there are many opportunities and potential rewards for those who invest early. it also means there’s a lot of risk.
The disadvantage of investing money in cryptocurrencies does not seem to be as widespread as the benefits. That’s why I wanted to bring in finance expert and economist Peter Schiff to help educate us on the risks associated with cryptocurrencies and other dollar and investment related issues.
Reading: Peter schiff on bitcoin
this interview will explain why peter thinks bitcoin probably won’t take off anymore. It also looks at why dollars are valuable and why US covid policy. uu. it is economically harmful. Finally, he shares what we can do to prepare for financial struggles like the falling dollar and more.
I’m excited to share this conversation with you and I think you’ll find it valuable no matter where you stand on the subject. And now, help me welcome the one and only Peter Schiff to the school of greatness!
who is peter schiff?
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peter schiff is one of the few unbiased investment advisors who correctly characterized the current bear market before it started and positioned his clients accordingly. as a result of his accurate forecasts on the us. the stock market, the economy, real estate, the mortgage meltdown, the credit crunch, the subprime debacle, commodities, gold, and the dollar are becoming more and more popular.
peter began his investment career as a financial consultant at shearson lehman brothers after earning a bachelor’s degree in finance and accounting from u.c. Berkeley in 1987. A financial professional for over twenty years, he is also the owner of Euro Pacific Asset Management and Chief Economist and Global Strategist at Euro Pacific Capital, a division of Alliance Global Partners. He is also president of Schiffgold, a Manhattan-based precious metals trader.
has been quoted in many of the nation’s leading newspapers, including the wall street journal, barron’s, </i investor’s business journal, the financial times, the new york times, los angeles times, the washington post, the chicago tribune, the dallas morning news, the miami herald, the san francisco, the magazine-atlanta constitution, the republic of arizona, the philadelphia inquirer, and the christian science monitor. He also appears regularly on CNBC, CNN, Fox News, and Bloomberg TV, discussing his thoughts on the economy, foreign affairs, and the general political and economic climate. He is also the author of the best-selling books Shockproof: How to Take Advantage of the Coming Economic Collapse and The Little Book of Bull Moves in Bear Markets: How to Keep Your Portfolio High When the Market Goes Down. market is down, published by wiley in the late 2000s.
Peter, an expert in money, economic theory, and international investing, is a highly recommended broker by many of the major financial newsletters and investment advisory services. He even served as an economic adviser in Ron Paul’s 2008 presidential campaign.
His experience and credentials make me even more excited to learn what peter has to offer us in this interview. so without further ado, let’s get straight to the point!
why cryptocurrencies are a losing game
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Have you ever thought about investing in cryptocurrencies? If so, I’m sure you’ve seen the massive increases in value some coins have had in recent years. a good example is bitcoin, which many believe will be the future decentralized bank. As an investment advisor and financial expert for decades, Peter believes this is not the case.
“The truth is that the true success of bitcoin is based on more people buying it. if you own it, you need a lot of your friends or colleagues to buy it because that’s the only way prices go up. bitcoin is not an asset like real estate where you can collect rent, stocks where you can collect a dividend, or bonds where interest is paid to you. …it’s not like a commodity that can actually be used for something, like oil to generate power. … it’s not like gold, where you could make jewelry with it or conduct electricity with it or use it in all sorts of industrial applications like other metals.” – peter schiff
this is precisely why peter does not believe in cryptocurrencies. it’s not backed by anything other than people who buy it, which undermines its value. people will only buy if they know that others will too, which creates a huge bubble that can burst at any moment. he believes it’s exactly the same as what happened during the dotcom bubble or internet bubble period in the late 1990s, where many invested in internet-based startups fueled by speculation that they would soon be profitable. In the end, many of these companies went bankrupt and the .com bubble burst, creating a massive economic crisis everywhere. that is why he advises other investors to withdraw as soon as possible.
“It’s just an advertising machine. …if bitcoin is still going to be here in the next 20 to 50 years, it just means more people will lose money. that’s because when more people join, it means the bubble gets bigger and bigger. then, there are many more losses when it appears”. – peter schiff
With this in mind, it is safe to say that cryptocurrencies may not be a suitable investment for everyone. Even though it has gained a lot of popularity in recent years, it is still a very volatile market where the price of coins can sometimes go up or down. therefore, it is best to be careful with your money and make sure you know what you are doing before investing in it. you could end up losing all your winnings if things don’t go as they should.
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