[2019-06-02] Gold Bull Peter Schiff: Bitcoin is Having a False Price Rally

[_Django05_]

The veteran stockbroker said bitcoin has not accurately recovered from 2018’s bearish sentiment, wherein its rate dropped from $20,000 to $3,200 in just 11 months. Adding that every bear market has fake rallies that attempt to "sucker in" the bulls, Schiff noted that the ongoing bitcoin price boom is one of the same things. Excerpts:

• "A lot of people got suckered into this pump-and-dump scheme because they heard all the stories about young kids taking their Bar Mitzvah money into bitcoin and bought a Lambo. Pretty soon, it is going to be stories about people who lost their life savings because they put real money instead of play money into bitcoin."

https://www.newsbtc.com/2019/06/02/bitcoin-is-having-a-false-price-rally-says-peter-schiff/

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[BitHodler]

I start to feel sorry for Peter. If you can't admit that Bitcoin throughout the years has proven your predictions wrong, something is wrong with you. He reminds me of some of the more blindfolded Bitcoin maximalists.

Important point is that gold doesn't appeal to people as much as it did before. You're not really booking any progress in terms of hedging fiat's inflation either. It just sits there struggling with that important $1300 level.

I rather have a "false" rally than an asset that hardly moves.

[davis196]

Peter Schiff is kinda right.A lot of people will lose their life savings and a minority of people will become very rich and buy themselves a lambo.This won't be due to the nature of bitcoin,but because the losers will be lousy traders(unfortunately).

[veleten]

Peter Schiff is kinda right.A lot of people will lose their life savings and a minority of people will become very rich and buy themselves a lambo.This won't be due to the nature of bitcoin,but because the losers will be lousy traders(unfortunately).

Peter Schiff is kinda wrong
people can lose money regardless bitcoin investment or not if they do not analyze the market and gamble with their life savings just because of the hype
stories of those who bought at 20.000$ and sold at 3.200$ are countered by the stories of those who bought at 3.200 and are selling at 8.600 now
or even better, waiting for a further price increase and selling then
and if the rally is false or not , we will find out later , so far the price is steady and showing no sign of plummetting

[o_e_l_e_o]

people can lose money regardless bitcoin investment or not if they do not analyze the market and gamble with their life savings just because of the hype

The market doesn't even need to move that much for people to lose their life savings. There was a post on reddit a few days ago from a guy who was margin trading on BitMEX with too much leverage, and liquidated his entire holdings during the brief spike to $9,000 then instant pull back which happened a few days ago. People take risks on things they don't understand regardless of whether we are at $3k or $20k.

and if the rally is false or not , we will find out later , so far the price is steady and showing no sign of plummetting

Honestly, I don't really mind either way. In the long term, bitcoin is only going up. If that happens now - great. If we are going to retrace first, then all the more time to accumulate at cheap prices.

[magneto]

The veteran stockbroker said bitcoin has not accurately recovered from 2018’s bearish sentiment, wherein its rate dropped from $20,000 to $3,200 in just 11 months. Adding that every bear market has fake rallies that attempt to "sucker in" the bulls, Schiff noted that the ongoing bitcoin price boom is one of the same things. Excerpts:

"A lot of people got suckered into this pump-and-dump scheme because they heard all the stories about young kids taking their Bar Mitzvah money into bitcoin and bought a Lambo. Pretty soon, it is going to be stories about people who lost their life savings because they put real money instead of play money into bitcoin."

Except he is the one that's been trying to convince people into becoming gold permabulls just like him.

Peter Schiff is essentially the embodiment of all of the things that gold bugs do, they distrust any investment other than gold and discount them immediately even though they have merits, and blindly invest in gold regardless of the current economic conditions/taking into account what the gold market is doing.

The current bull rally that bitcoin is having is simply a recovery from the bear market, and I don't see anything that would indicate that BTC prices will somehow collapse. Even if it does, it will just be a short term correction. He should probably read up on what BTC actually does, and how it essentially provides the same store of value that gold does, except much more conveniently.

[hatshepsut93]

Peter Schiff is kinda right.A lot of people will lose their life savings and a minority of people will become very rich and buy themselves a lambo.This won't be due to the nature of bitcoin,but because the losers will be lousy traders(unfortunately).

Do we actually have any data that shows how many crypto traders are net green vs how many are net red over some long period of time?
I got into BTC in 2016 and keep accumulating coins to this day, overall I'm in green, even when the price was at $3k. There's a lot of accounts on this forum that are at least a few years old, so we can assume that they started investing at that time, and are likely in green now too. So the only people in red are those who bought in the middle or end of a bull run, failed to sell and hodled through the dump - I think they are actually a minority.

[milewilda]

Peter Schiff is kinda right.A lot of people will lose their life savings and a minority of people will become very rich and buy themselves a lambo.This won't be due to the nature of bitcoin,but because the losers will be lousy traders(unfortunately).

On any market that does involved buy and sell then there would always be those people who lose up their life savings not only here on crypto but also in stocks and forex as well.
The only thing on these kind of people do say up such things is that they do mostly target out the volatility of BTC itself.It do make the process way much more faster than traditional
markets that we know.Peter have some valid points but it wont be enough on changing crypto supporters minds.

[bbc.reporter]

I start to feel sorry for Peter. If you can't admit that Bitcoin throughout the years has proven your predictions wrong, something is wrong with you. He reminds me of some of the more blindfolded Bitcoin maximalists.

Important point is that gold doesn't appeal to people as much as it did before. You're not really booking any progress in terms of hedging fiat's inflation either. It just sits there struggling with that important $1300 level.

I rather have a "false" rally than an asset that hardly moves.

$3k to $8k in 2 months is also not a false rally, however. Also, how would anyone know what a false rally is until after it occured? He can only speculate that this might be a false rally, but this is not a false rally until it is dumped back to $3k.

[passwordnow]

I think I'll share it here. I was watching a youtube video that James Altucher discusses about a certain topic and he gave his opinion about it. And Peter Schiff did actually commented on that channel, we've got a new Warren Buffett that fully hates bitcoin.

[CryptoBry]

Peter Schiff is kinda right.A lot of people will lose their life savings and a minority of people will become very rich and buy themselves a lambo.This won't be due to the nature of bitcoin,but because the losers will be lousy traders(unfortunately).

Peter Schiff is kinda wrong. People can lose money regardless bitcoin investment or not if they do not analyze the market and gamble with their life savings just because of the hype stories of those who bought at 20.000$ and sold at 3.200$ are countered by the stories of those who bought at 3.200 and are selling at 8.600 now or even better, waiting for a further price increase and selling then and if the rally is false or not , we will find out later , so far the price is steady and showing no sign of plummetting

Peter Schiff can be right or can be wrong it does not matter at all. What is important for anyone who is involve with bitcoin is never invest everything you got just because you heard that your 18-year-old neighbor is able to date his girlfriend in a fancy restaurant and gifted her with a ring that is worth $5,000 taken from his bitcoin earnings. That is not what healthy investing is...and this advice goes to all types of investment not just with bitcoin. Why would anyone invest all of his life's savings with bitcoin, in the first place? Placing one's eggs in many baskets has been a good wisdom to guide us all. No need to listen to hypes and promoted stories in the media or elsewhere. There will always be hypes in any industry...as long as we are dealing with human beings, for sure.

[1Referee]

I think I'll share it here. I was watching a youtube video that James Altucher discusses about a certain topic and he gave his opinion about it. And Peter Schiff did actually commented on that channel, we've got a new Warren Buffett that fully hates bitcoin.

Not surprising.

The funniest part is that this Gold preacher only holds a small percentage of his wealth in the actual metal, while the major part of his wealth consists of so called Gold stocks and worthless paper Gold. We at least put our money where our mouth is and go balls deep in Bitcoin. This dude is just a clown. He's a Gold bug but doesn't own much actual Gold in relation to his wealth at all. 

I doubt he hates Bitcoin. I think it's more so that missing out on buying Bitcoin when it was below $1000 is what really stings him. His behavior is similar to that of a jealous ex. He probably considers it to be overvalued and not worth buying at today's rates, but with such an ignorant attitude he'll keep missing the boat.

[buwaytress]

Some fair points, unfortunately he doesn't help his case, as he clearly in his arguments knows very little about Bitcoin... Common of course, with nocoiners.

He should realise that we have yet to hear those stories of people investing life savings into Bitcoin and losing it all (look up didi some guy who did just that). On the other hand we only to look in the past 10 years to see plenty of people who lost their life savings because they trusted their banks and governments to take care of them.

[Lucius]

~snip~

Of course, only those who have invested their money above today's price can in one way be considered as losers, but for people who invest since the beginning to November 2017 nothing is lost, just on the contrary they profited if they sell or if they just hold.

Gold has always been and will be store of value, people like Schiff will always give their support to what they believe. And the best way to defend his point of view is to attack that which does not suit them, which is bitcoin in this case. In this debate Schiff vs. Silbert have presented their standpoints, they have fun and probably get pay good for their performance.

In the end, everyone needs to decide what to do with his money - just keep it in fiat, buy gold / silver, or maybe bitcoin.

[passwordnow]

I think I'll share it here. I was watching a youtube video that James Altucher discusses about a certain topic and he gave his opinion about it. And Peter Schiff did actually commented on that channel, we've got a new Warren Buffett that fully hates bitcoin.

Not surprising.

The funniest part is that this Gold preacher only holds a small percentage of his wealth in the actual metal, while the major part of his wealth consists of so called Gold stocks and worthless paper Gold. We at least put our money where our mouth is and go balls deep in Bitcoin. This dude is just a clown. He's a Gold bug but doesn't own much actual Gold in relation to his wealth at all. 

I doubt he hates Bitcoin. I think it's more so that missing out on buying Bitcoin when it was below $1000 is what really stings him. His behavior is similar to that of a jealous ex. He probably considers it to be overvalued and not worth buying at today's rates, but with such an ignorant attitude he'll keep missing the boat.

Ohh so that's kind of real talk about him, I'm not very well versed everything about but if that speaks the truth well yeah, he should at least put money on his mouth before giving his opinion on what bitcoin is. Sounds real, he's not one of a kind that speaks whatever comes out of his mouth when they don't get what they want. Many had speculated that bitcoin would plunge at the possible low of $2,500 but it didn't happen. I just searched for articles about him and I've found one from 2017, I think your doubt about him is right.