Peter Schiff speculation, bitcoin will never hit $50k

[bbc.reporter]

Let us balance the speculation subforum with some of Peter Schiff's permabear trolling. We cannot listen to Tom Lee all the time, can we hehehe?



For a man that wants nothing to do with Bitcoin, economist and Euro Pacific Capital CEO Peter Schiff never misses an opportunity to share his opinions about the cryptocurrency.

His latest prediction? “Bitcoin will never hit $50k,” Schiff proclaimed today on Twitter.

Schiff is well-known in the world of finance as an unapologetic goldbug, a catalog of profitable investments—and, yes, correctly predicting the 2008 U.S. housing bubble and ensuing financial crisis.

Read in full https://decrypt.co/8627/bitcoin-will-never-hit-50k-says-crypto-skeptic-peter-schiff

[The Sceptical Chymist]

Never?  Given the bullish sentiment bitcoin has had lately, that's kind of an outlandish non-prediction on Schiff's part. 

As I've always said, people like him only say these things to keep their names in the news, which OP is helping to facilitate.  I won't argue that he's not a successful investor, but his permabull stance on metals is just silly IMO.  Let him say whatever he wants about crypto, his previous predictions about metals and/or the housing crisis don't lend him any credibility when it comes to bitcoin.

Someone please bump this thread when bitcoin hits $50k, eh?  I think a lot of us tend to forget about prognostications like this over time, and I'll be happy to see Schiff proven incorrect.

[exstasie]

That's definitely not the Peter Schiff in question.

For a man that wants nothing to do with Bitcoin, economist and Euro Pacific Capital CEO Peter Schiff never misses an opportunity to share his opinions about the cryptocurrency.

He's got a good racquet going. Talking smack about Bitcoin gives him a platform to pump gold (and his gold brokering business). And he's even managed to snag a few BTC donations out of it. Not sure he's smart enough to hold them though.

[pooya87]

people like him (stock brokers) tend to put their opinions out there so that if by any chance they came true, they could milk it later on and make up a reputation for themselves and make a ton of money from it. stock brokers don't invest themselves, they are like leaches that need a host to such dry while not risking anything themselves.

this dude did the same exact thin for 2008 financial crisis. he "puts his opinion" out there and milks it later with "i predicted it long before others". but when you look past the bullshit you see all those who invested with him lost up to 70% of their money in 2008! why? because he was full of it

this is a good gamble too. if bitcoin takes a couple of years to reach it, then he wins and can use the "i told you so" technique. and if price reaches $100k in a year from now, he is just another idiot lost among hundreds of idiots who made such claims.

[adaseb]

Saying it will never hit $50K is not much of a prediction. If he said it will never hit $20K then it would be a more accurate speculation. People don't realise that $50K is not going to happen anytime soon. Even if $20K breaks again, I can see maybe $25K or $30K shortly after but we got so much more liquidity now then 2017 that there will be lots of resistance out there.

Regarding him predicting the Housing crisis in 2008, there are many people that predicted that actually. Watch the movie the "Big Short" there were many indicators that the subprime credits are a huge risk to the economy and many assumed that the bubble will eventually burst.

[Wilhelm]

Maybe he thinks the $ will hyperinflate 

[slaman29]

Yes please, let's see more permabear talk. Because it seems whenever the bulls can't shut up and talk about some crazy unrealistic price gain, then Bitcoin just drops like a stone. I think we need all the bears to just cause price to dump so hard they get exhausted and then the bulls can go and stampede all over them.

Schiff, keep it up!

[mindrust]

That moron also said if he knew btc was going to moon to $20k, he would have bought shitton when it was $10 just to dump on us.

which means...

He doesn't know jack shit about bitcoin and he is proud with that.

Don't take his crypto predictions seriously, never.

[jaocoincrypto18]

It is contrary to John McAfee prediction that it will reach $1M in the end of 2020 but i will agree to Peter's speculation because i think that the more Bitcoin is become expensive to purchase is the more difficult to purchase it for an investment too. Small time investors are the majority in crypto community that instead of buying Bitcoin then they will be forced to shift to much cheaper Altcoins.

[NeuroticFish]

I have to say this almost every day: these statements are biased. His business is about stocks and gold, of course that he will tell that Bitcoin will fall and stocks / gold will rise.
People make predictions every day about Bitcoin just to be seen on TV/news. They are 100% worthless.

[mk4]

I mean, I don't think there should even be a debate on this. Are we really going to listen or give attention to someone that thinks that bitcoin's scarcity is useless just because bitcoin is easily fork-able and that there are other existing cryptocurrencies?

We should probably stop giving him unnecessary attention. If anything, we're actually helping him by giving him attention(regardless if negative or positive), not the other way around. Dude currently has 163k followers on Twitter. I'd bet money that he wouldn't have that much followers if people didn't give him attention when he first started trashtalking bitcoin.

[sunsilk]

Nyahaha Peter Schiff always add some flavor to the bitcoin market. Who even thought that bitcoin will hit $1k when it was on its first days?

Why the media is still giving him the chance to tell his opinion if everyone already knew it that he's a perma bear? he's obviously trolling and will probably never say good points about bitcoin until we see higher price. Well, exposure and content I think.

[Jating]

Nyahaha Peter Schiff always add some flavor to the bitcoin market. Who even thought that bitcoin will hit $1k when it was on its first days?

Why the media is still giving him the chance to tell his opinion if everyone already knew it that he's a perma bear? he's obviously trolling and will probably never say good points about bitcoin until we see higher price. Well, exposure and content I think.

You gonna give it to Peter Schiff though, we admire his permabull stance against bitcoin for many years now. Why the media is giving his attention? Because they love to hear what this guy has to say. And maybe rub it to him when bitcoin hits $50k or even 6 figure month years later.

Bitcoin is doing good, hitting 5 figure again and it makes him nervous though, what will be his stance when bitcoin hits another all-time-high? Just a bubble waiting to be burst argument?

[harizen]

Is his prediction really a big deal? Does it really make sense?

Honestly, his prediction is still considered as optimistic since why $50,000? Not $40ish not $30ish and so on. He is still bullish on that part.

Predictions like that nowadays are just a common day for Bitcoin. Up to others if they will buy it or not.

[BitHodler]

Peter Schiff is known to be a gold bug. It's also known that he doesn't like Bitcoin because of how his whole business revolves around gold. In other words, even when he likes Bitcoin, he will pretend to not like it at all.

I'm fairly sure that he isn't that bitter and knows how there is a lot to gain by having a 1-5% allocation to Bitcoin, which he might have, but he will never publicly support that what goes against what made him wealthy to begin with.

Realistically speaking, he can be totally right by saying that Bitcoin won't ever hit the $50k mark. We all just assume it will, but nothing guarantees that it will actually happen. Healthy skepticism isn't a sin.

[BrewMaster]

this is just as bad as Tom Lee and his predictions and his understanding of bitcoin market is probably at the same low level as Tom Lee too.

and just FYI you can find more of his statements among bitcoin obituaries https://99bitcoins.com/bitcoin-obituaries/ specially during 2017 when nearly every month he made a new statement about how bitcoin has no future and is headed for 0
specially when price was getting started to rise back in 2017 (price below $4k) he was saying it is a bubble!

[Lucius]

Let us balance the speculation subforum with some of Peter Schiff's permabear trolling. We cannot listen to Tom Lee all the time, can we hehehe?

Well, this article is also mentioned Tom Lee, since he is jump in this story also, but what else persons like Tom Lee or Peter Schiff would do then playing publicly on Twiter - they only miss Trump for the circus to be complete.

What to say to Schiff statement? Well, there is no logic in what he is saying, but not only about Bitcoin, he was also wrong with gold back in 2012 with his completely missed statement that gold will hit $5000 in 2014. Given the accuracy of his statements, Bitcoin will probably hit $50 000 very soon

[arpon11]

I have to say this almost every day: these statements are biased. His business is about stocks and gold, of course that he will tell that Bitcoin will fall and stocks / gold will rise.
People make predictions every day about Bitcoin just to be seen on TV/news. They are 100% worthless.

These men make their predictions on the selfish levels. If he wants us to believe his statements he should provide us with compressive analysis on how he thinks Bitcoin is not going to hit $50,000 in its entire life. We have many positive predictions from the cryptocurrencies enthusiast and since Schiff is not a cryptocurrencies enthusiast and as that his views will be how to keep gold pumping and bitcoin dumping!  I am seeing this prediction not standing as it was done on wrong motives and that motives are to make investors believe that investing in gold is better than investing in Bitcoin.

[DeathAngel]

Why do these people make these kind of predictions, 50k isn’t THAT far away with what we know about bitcoin.
The halving is less than a year away, these kind of people must enjoy looking like idiots.

I can only assume he’s investing & hasn’t filled his bags yet, there must be another motive. Nobody likes to open themselves to future ridicule, surely.

[gentlemand]

https://www.cnbc.com/2013/11/12/peter-schiff-calls-bitcoin-bubble-tulip-mania-20.html

'But while Schiff is confident that bitcoins are in a bubble, he does have a major caveat.

“I don’t know where the top is. Whether we’re at the end now, or whether it will keep going on for months or years, I don’t know,” he said. “I mean, you can play the game if you want.”


I could understand scoffing at 50 grand when this article was published. Not now. It could well be a totally empty bubble. It could still be achieved in a few short weeks.

[Torque]

bbc.reporter, is it some kind of inside joke that you never get the fucking photo right of the guy you are supposedly referring to?



And yes, Peter Schiff will never live this one down when it comes to pass Bitcoin @ 50K.

[thecodebear]

Lame. It could very well be $50k a year from now. That prediction is gonna look real bad pretty quickly.

[exstasie]

We should probably stop giving him unnecessary attention. If anything, we're actually helping him by giving him attention(regardless if negative or positive), not the other way around. Dude currently has 163k followers on Twitter. I'd bet money that he wouldn't have that much followers if people didn't give him attention when he first started trashtalking bitcoin.

I think it's a symbiotic relationship. I'm sure a nonzero number of Schiff's followers have looked into and/or bought into Bitcoin since he's always showering attention on it. I'm also not too worried about losing Bitcoiners to gold bugs.

bbc.reporter, is it some kind of inside joke that you never get the fucking photo right of the guy you are supposedly referring to?

I find it consistently funny. Let's keep it going, bbc.reporter.

[DeathAngel]

Lame. It could very well be $50k a year from now. That prediction is gonna look real bad pretty quickly.

Certainly a genuine possibility 6-12 months post halving. I dunno why people put themselves out there to be trolled.

[o_e_l_e_o]

Man with all his assets in gold bad-mouths bitcoin!? Well I never. In other news, typewriters say computers are overly complicated and unnecessary.

Why are we paying any attention to Schiff? He is a perma-bull on gold, perma-bear on everything else, and constantly wrong.

“Gold’s got only one direction to go, and that’s higher,” Schiff said in October 2012. “People are going to be shocked at how inexpensive gold was” when it was trading at $1,700. In that interview, Schiff called for gold to rise to $5,000 in a “few years”; when asked about the time horizon for this target, he replied: “I think you’re going to see a big move sometime in the next couple of years.” Made when gold was trading about $1,700, this prediction may count among the least prescient ever made on CNBC.

In October 2012, with gold at $1,700, he said gold can only go up and will be at $5,000 within a couple of years. Since that quote 7 years ago, gold immediately went down and has never been higher than $1,700, let alone anywhere near $5,000. He wasn't just wrong, he was catastrophically wrong.

In October 2014, with gold at $1,200, he said gold was "going through $2,000 very quickly". Over the next year, gold would fall further to $1,050, and still hasn't breached his $2,000 target, let alone his $5,000 one.

Now, 7 years on and still sitting at a loss from his original prediction, he says "Don't buy bitcoin, buy gold - it's going to $5k very soon". Why people bother to pay any attention to this I don't understand.

[sana54210]

By considering dude loves "gold" which is something that increases peanuts compared to crypto, its not a wonder he can't understand how something that is 10 thousand dollars right now could reach 50 thousand dollars. I mean he is used to things that are going up 1%-2% a year and that's it, when something is up 5% in a year he sees that as an insane improvement, now think of bitcoin that went from 1k to 20k to 3k to 10k, that is something he can't really comprehend properly. That is why I think its only natural that he thinks bitcoin will never be 50k.

I mean "never" is a strong word, if he said not in the next decade I would have understood that but "never" is really strong even for him. Don't worry tho, it will be over 50k in couple of years for sure.

[Slow death]

Let us balance the speculation subforum with some of Peter Schiff's permabear trolling. We cannot listen to Tom Lee all the time, can we hehehe?

this subject has become a competition between Tom Lee and Peter Schiff... and this is one of the few times I will defend Tom Lee.

bitcoin is limited, and currently there are thousands of people in this world who do not have 1 BTC or even a small fraction of bitcoin, if more people buy bitcoin in the future then the price can reach $50,000. In my opinion the $ 50,000 forecast is not an unrealistic forecast, it could take maybe 10 years, I don't know. But I think the $50,000 forecast is a realistic forecast.

[bitbunnny]

Another speculation and character that is given too much attention. He is obviously commited to gold which is his choice but that doesn't mean he is an expert for Bitcoin and that his prediction is something that should be taken seriously. Obviously people care too much about different predictions and speculations, like this is going to actualy change something.

[bbc.reporter]

bbc.reporter, is it some kind of inside joke that you never get the fucking photo right of the guy you are supposedly referring to?



And yes, Peter Schiff will never live this one down when it comes to pass Bitcoin @ 50K.

What do you mean? I will never do something like that. This is outrageous, I shake my head hehehe.

That is a nice screenshot of Tom Lee and Peter Schiff together. Bump that once bitcoin is on $50k hehe.

[pooya87]

And yes, Peter Schiff will never live this one down when it comes to pass Bitcoin @ 50K.

nah, people are just going to forget about this one like they have forgotten about all his previous predictions about bitcoin. this one at least has some positivity about it. so far he has been predicting bitcoin to fall down to 0, with this he seems like he has given up on thinking 0 is possible

[soxxx]

Peter Schiff doesn't even understand Bitcoin, and I mean that quite literally. Recently he had to figure out how to post his wallet address on twitter, and he couldn't even figure out how to do that, and didn't know what a wallet address even was.....but this is the same guy who proclaims Bitcoin is just thin air, yet he doesn't understand even how it functions.

[leea-1334]

We should probably stop giving him unnecessary attention. If anything, we're actually helping him by giving him attention(regardless if negative or positive), not the other way around. Dude currently has 163k followers on Twitter. I'd bet money that he wouldn't have that much followers if people didn't give him attention when he first started trashtalking bitcoin.

I think it's a symbiotic relationship. I'm sure a nonzero number of Schiff's followers have looked into and/or bought into Bitcoin since he's always showering attention on it. I'm also not too worried about losing Bitcoiners to gold bugs.

bbc.reporter, is it some kind of inside joke that you never get the fucking photo right of the guy you are supposedly referring to?

I find it consistently funny. Let's keep it going, bbc.reporter.

I do not really find it funny but I can appreciate that sometimes we need to take things in a different lighthearted manner. The forum and the reddits and even social media are just too serious for me. And they are being serious about PRICE,,, so ridiculous.

I think it needs bears to bring out bulls, and old to bring out new. So I agree, let us keep this happening;)

[1Referee]

Peter Schiff doesn't even understand Bitcoin, and I mean that quite literally. Recently he had to figure out how to post his wallet address on twitter, and he couldn't even figure out how to do that, and didn't know what a wallet address even was.....but this is the same guy who proclaims Bitcoin is just thin air, yet he doesn't understand even how it functions.

Peter is smart, he showed his Bitcoin address on social media so that desperate "Bitcoiners" will send him Bitcoin in an attempt to convince him of its useful nature. These people don't realize that he doesn't give a single shit about Bitcoin. He has used his coins to point out that the value has gone down after receiving them and therefore is a useless currency. It helped his narrative gain more weight.

Not in a hundred years would I send this dude even a single satoshi. People should stop wasting time on someone who's signalling for years now that he's not interested in Bitcoin. Spend this time educating people who do have an open mind.

[guoyu78]

Ha! Enough of all these speculations that are uncalled for, bitcoin will reach, bitcoin will not reach, are we God to know exactly what will happen. That was how people said years back that bitcoin will never reach $10, but look at the price now, the same way that someone said bitcoin will reach $500k by this year, where is the sign now.

All of us are just diverting from the main purpose of bitcoin and using it as store of value alone, bitcoin will peak any figure that it needs to peak at any time depending on the level of acceptance and usage and also depending on the factors at that time. Bitcoin is meant to be seen worldwide as a means of payment and that is what we ought to be pushing right now and not discussing all these men that are just talking because of their person and not out of their knowledge.

[Wind_FURY]

Gold bugs will always be gold bugs. He's a gold HODLER, can you blame him? I believe precoiners/nocoiners also have the same opinions on Bitcoin HODLERS. Hahaha.

[Zemomtum]

I have a personal opinion that no matter how famous you are, Bitcoin in unpredictable by price movement most especially breaking the all time high. Peter Schiff saying Bitcoin will never attain $50k is just an opinion, it can surpass in a short time frame, nobody can predict the future, we cal only get ready to get along when it happen. 

[SirLancelot]

bbc.reporter, is it some kind of inside joke that you never get the fucking photo right of the guy you are supposedly referring to?



And yes, Peter Schiff will never live this one down when it comes to pass Bitcoin @ 50K.

What do you mean? I will never do something like that. This is outrageous, I shake my head hehehe.

That is a nice screenshot of Tom Lee and Peter Schiff together. Bump that once bitcoin is on $50k hehe.

But wait, did someone Photoshop those tom lee response in there or was that tom lee response really to the message because his response has too many interpretation, and we have some people that could interpret that “sad” as confirming that its sad bitcoin will never reach such price, because for me, I interpreted it as sad of “shaking my head for you”, more like, you will miss out so big without you knowing.

Anyway, I think that peter is wrong, I understand the volatility of bitcoin, and what those bastard bears are doing to the market stopping bitcoin from breaking further barriers anytime it tries to, but I know that their money will finish from the market one day, and the market will have that breathing space to climb as many lather as it can climb with pressure or challenges.

[fabiorem]

Why did you post his father picture as if it was him?

I remember a guy who said Schiff is into crypto, and want to buy a lot. Thats why he is so bearish, he want to buy.

He accept crypto for buying gold in his website.

[LUCKMCFLY]

Let us balance the speculation subforum with some of Peter Schiff's permabear trolling. We cannot listen to Tom Lee all the time, can we hehehe?



For a man that wants nothing to do with Bitcoin, economist and Euro Pacific Capital CEO Peter Schiff never misses an opportunity to share his opinions about the cryptocurrency.

His latest prediction? “Bitcoin will never hit $50k,” Schiff proclaimed today on Twitter.

Schiff is well-known in the world of finance as an unapologetic goldbug, a catalog of profitable investments—and, yes, correctly predicting the 2008 U.S. housing bubble and ensuing financial crisis.

Read in full https://decrypt.co/8627/bitcoin-will-never-hit-50k-says-crypto-skeptic-peter-schiff

It is clear that he is a person who can know a lot about finance, but he has his mind very closed to technology, perhaps we must remind him that we are not in the 1900s where the traditional economy was the one that dominated all aspects, somehow Bitcoin causes envy in those who cannot understand it.

[fabiorem]

The only stupid goldbug I know, is called r0ach, and he is a hysterical /pol/tard nazi.

Every other goldbug, is buying crypto. Some hide it, like Schiff does, and some do not, like Berwick.

[exstasie]

I remember a guy who said Schiff is into crypto, and want to buy a lot. Thats why he is so bearish, he want to buy.

He accept crypto for buying gold in his website.

Maybe, but I get the impression that Schiff believes everything he says about Bitcoin. I don't think he's holding any BTC. His site uses Bitpay.

The only stupid goldbug I know, is called r0ach, and he is a hysterical /pol/tard nazi.

Every other goldbug, is buying crypto. Some hide it, like Schiff does, and some do not, like Berwick.

This thread makes it look like there's still lots of haters. At a glance the Kitco forum seems like a mixed bag. Open a few threads and you'll see "Bitcoin to $0" and "Bitcoin is the biggest con since x, y, and z" right away, although not everyone agrees.

[suzanne5223]

I remember a guy who said Schiff is into crypto, and want to buy a lot. Thats why he is so bearish, he want to buy.

He accept crypto for buying gold in his website.

Maybe, but I get the impression that Schiff believes everything he says about Bitcoin. I don't think he's holding any BTC. His site uses Bitpay.

Just because his site integrated bitpay doesn't make a crypto enthusiast or holder for he just a businessman who sees bitcoin as an opportunity for his business to grow income. Besides, I think most people forget that Schiff is every much a broker and we both know that some stockbrokers believe bitcoin is their greatest enemy.

[BitHodler]

Every other goldbug, is buying crypto. Some hide it, like Schiff does, and some do not, like Berwick.

Schiff doesn't seem like someone who lies about his Bitcoin holdings. He's either in it or not, and he in my opinion clearly is not. He became a multi millionaire by selling gold, managing assets of his clients, etc.

If you're used to hard money, and rely on this shiny metal to perform well, then I can understand why he doesn't like Bitcoin. It pretty much threatens the industry that made him rich in the first place.

Peter Schiff isn't that different compared to a hardcore Bitcoin maximalist. Both sides in most cases consider everything that isn't gold or Bitcoin a scam or just a speculative bubble. Too bad there is so much animosity.

[Wilhelm]

Every other goldbug, is buying crypto. Some hide it, like Schiff does, and some do not, like Berwick.

Schiff doesn't seem like someone who lies about his Bitcoin holdings. He's either in it or not, and he in my opinion clearly is not. He became a multi millionaire by selling gold, managing assets of his clients, etc.

If you're used to hard money, and rely on this shiny metal to perform well, then I can understand why he doesn't like Bitcoin. It pretty much threatens the industry that made him rich in the first place.

Peter Schiff isn't that different compared to a hardcore Bitcoin maximalist. Both sides in most cases consider everything that isn't gold or Bitcoin a scam or just a speculative bubble. Too bad there is so much animosity.

If I made a ton of money managing and trading gold then why risk it or change your money making machinery?
Bitcoin does seem to good to be true so I can understand people staying away... I for sure have never made money as quick as with Bitcoin...

[davinchi]

Why is it such a stiff people who actually get a job at financial world. I mean comparing to peter I am a better investor this year, I am not even kidding I had a better return on investment for my portfolio than Peter did because his gold didn't increased all that much while my bitcoin portfolio went up 3x since the start of the year.

How come these people get a job in wall street or London or any other financial center of the world making money from their investments and their customers investments whereas people like us who have been making more money than they do consistently for years have no job related to financial world. I feel lucky that I am not old fashioned like Peter and can open my eyes to better futures.

[sana54210]

Schiff doesn't seem like someone who lies about his Bitcoin holdings. He's either in it or not, and he in my opinion clearly is not. He became a multi millionaire by selling gold, managing assets of his clients, etc.

If you're used to hard money, and rely on this shiny metal to perform well, then I can understand why he doesn't like Bitcoin. It pretty much threatens the industry that made him rich in the first place.

Peter Schiff isn't that different compared to a hardcore Bitcoin maximalist. Both sides in most cases consider everything that isn't gold or Bitcoin a scam or just a speculative bubble. Too bad there is so much animosity.

If I made a ton of money managing and trading gold then why risk it or change your money making machinery?
Bitcoin does seem to good to be true so I can understand people staying away... I for sure have never made money as quick as with Bitcoin...

Everyone knows the industry where he is making money from and nobody ever tried to bad mouth the source even when they have their own personal doubt about it, if he is not a believer of the system, then his opinion is not really needed here, he just need to shut it and let us have our own peace. If the system is not working for him, or if he has missed out from the train or lost opportunity to act as whale, the there is no point to create FUD news. He should just leave the system for those that believe it.

In what he knows how to do best, there are so many people that within them also, they might not support the business, but they will still believe in him. So he should just believe on those who has made it their own machine making money and wish them best.

[bitbunnny]

Never say never and that especially applies to Bitcoin although I never liked exaggerated predictions. And it's very important who is making predictions, how trustworthy and experienced he is. Anyway, this is something I wouldn't be bothered with, just watch the market and act accordingly.

[Pab]

Big names investors will never tell public that they are buying some highly profitable asset
They will tell or speculate about ATH after they will buy enough for them self
If big investor will say that bitcoin can reach so high price then many people will follow his voice and will be hard for them to accumulate bitcoin at lowest level

[1Referee]

Bitcoin does seem to good to be true so I can understand people staying away... I for sure have never made money as quick as with Bitcoin...

On the other side of the trade there are also people who never lost money as quick as with Bitcoin.  

The thing with people however is that they are too stupid to understand that even a small 1-2% allocation to Bitcoin is a fantastic move. If Bitcoin ends up worthless at one point in the future, their loss is negligible. If Bitcoin ends up breaking wild and is approaching the $1 million level, the profit will turn their entire portfolio in a big fat green dildo party.

[Wilhelm]

Bitcoin does seem to good to be true so I can understand people staying away... I for sure have never made money as quick as with Bitcoin...

On the other side of the trade there are also people who never lost money as quick as with Bitcoin.  

The thing with people however is that they are too stupid to understand that even a small 1-2% allocation to Bitcoin is a fantastic move. If Bitcoin ends up worthless at one point in the future, their loss is negligible. If Bitcoin ends up breaking wild and is approaching the $1 million level, the profit will turn their entire portfolio in a big fat green dildo party.

Yeah if you bought at $19k thinking M00N!!! and end up at $3k

[cryptokwuk]

Peter Schiff may be trashing Bitcoin at every opportunity, but he's been involved with it for years and is buddies with Craig Wright, so he has inside information.

[Oyarebu]

Lame. It could very well be $50k a year from now. That prediction is gonna look real bad pretty quickly.

Possibly I can't see a $50k a year from now but can say categorically that, years to come in the history of Bitcoin, we will be looking over the range of the $50k and the of the $100k as speculated before  now. But the one we should be ready for next year should be around the range of $20k before the end of 2020.

[samcrypto]

Never say never and that especially applies to Bitcoin although I never liked exaggerated predictions. And it's very important who is making predictions, how trustworthy and experienced he is. Anyway, this is something I wouldn't be bothered with, just watch the market and act accordingly.

Remember that line and yeah just act according to your strategies and plan and you’ll be good. Predictions is something not to take it seriously because its just a guess of some people and it is still good to have your own analysis. We may not see $50k this year but you can’t be sure in the future, bitcoin is still the best coin so there’s still chance for that.

[Yamifoud]

Never say never and that especially applies to Bitcoin although I never liked exaggerated predictions. And it's very important who is making predictions, how trustworthy and experienced he is. Anyway, this is something I wouldn't be bothered with, just watch the market and act accordingly.

Remember that line and yeah just act according to your strategies and plan and you’ll be good. Predictions is something not to take it seriously because its just a guess of some people and it is still good to have your own analysis. We may not see $50k this year but you can’t be sure in the future, bitcoin is still the best coin so there’s still chance for that.

It absolutely a wild guess. What Peter did say's is not the thing we should be considered and nothing to be bothered with anyway. No matter what will happen and even the prices will never reach into $50k, it won't be the reason to stop ib believing. Keeping our trust with Bitcoin is more than enough to think that we could possibly reach into $100k in the next 5 years.  It that be hopefull and $50k is just pretty easy.

[posi]

Every other goldbug, is buying crypto. Some hide it, like Schiff does, and some do not, like Berwick.

Schiff doesn't seem like someone who lies about his Bitcoin holdings. He's either in it or not, and he in my opinion clearly is not. He became a multi millionaire by selling gold, managing assets of his clients, etc.

If you're used to hard money, and rely on this shiny metal to perform well, then I can understand why he doesn't like Bitcoin. It pretty much threatens the industry that made him rich in the first place.

Peter Schiff isn't that different compared to a hardcore Bitcoin maximalist. Both sides in most cases consider everything that isn't gold or Bitcoin a scam or just a speculative bubble. Too bad there is so much animosity.

I support what you said about Peter Schiff cause people like will never understand Bitcoin genuine concept but I wonder why some people still expect to hear something positive about Bitcoin from Schiff when he's just someone who dearly hate Bitcoin as an investment.

[South Park]

Let us balance the speculation subforum with some of Peter Schiff's permabear trolling. We cannot listen to Tom Lee all the time, can we hehehe?

snip

For a man that wants nothing to do with Bitcoin, economist and Euro Pacific Capital CEO Peter Schiff never misses an opportunity to share his opinions about the cryptocurrency.

His latest prediction? “Bitcoin will never hit $50k,” Schiff proclaimed today on Twitter.

Schiff is well-known in the world of finance as an unapologetic goldbug, a catalog of profitable investments—and, yes, correctly predicting the 2008 U.S. housing bubble and ensuing financial crisis.

Read in full https://decrypt.co/8627/bitcoin-will-never-hit-50k-says-crypto-skeptic-peter-schiff

That is a bold prediction, especially if we consider that a price of 50k is only 150% above the all time high, if he said that will not happen during the next years he may have a chance to be proven correct, but in order to reach that price the only thing bitcoin needs to do is to keep existing, if there is an economic crisis in the future and the supply of fiat keeps increasing that may be enough to reach that price without the need of an increase on the demand, to me this is just an attempt to bring attention to himself and nothing more.

[ghermghuda]

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...

[Torque]

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/

[STT]

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 is into crypto, and want to buy a lot. Thats why he is so bearish, he want to buy.

He accept crypto for buying gold in his website.

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.

[maxreish]

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.

[shield132]

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.

[Wilhelm]

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.

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

[pealr12]

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.

[SquallLeonhart]

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.

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.

[BUK2016]

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.

[ene1980]

Speculations/ predictions  wont make any  change on bitcoins price.

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.

[MI6]

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...

I thing he is a Bitcoin pessimist and a critic who would always talk negatively about the future of the coin. It is not just a coin but a technology that has been changing the whole world. The cost of transactions have been cut into huge scale and this is decentralized loved by people and is another way to make money if you speculate in the coin.

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.

[bbc.reporter]

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/

[bbc.reporter]

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

[Pearls Before Swine]

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?

[STT]

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.
 

A guess he's not so sure about never hitting $40k

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.

[ecnalubma]

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.

[Febo]

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?

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.

[BitHodler]

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 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.

[exstasie]

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?

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.....

[STT]

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.

[bbc.reporter]

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?

I reckon that it was only speculation from bitcoin super permabull, Max Keisler. However, China has been hoarding gold since 2008, also Russia. What would they do with all that gold?

[Wind_FURY]

Ask Peter Stiff how much Bitcoin is an ounce of gold 10 years ago and how much Bitcoin is an ounce of gold today. Then tell him to make a projection of how much Bitcoin is an ounce of gold in the next 10 years.

[Darooghe]

If we are going to look at the last 10 years old, then we can see steady growth. the Bitcoin value is highly volatile and I think $49.999 is definitely possible with the halvening and lots of institutional investors coming up, so I wouldn’t be surprised if Bitcoin passes $100,000 in 2020-2021. Moreover, we can definitely see another wave of emotional cryptocurrency purchases made by inexperienced people which will provoke another bull run. If you want more reason, although difficult, applying technical, fundamentals and time related Fibonacci levels, still there's a good chance BTC hits $100,000 sometime 2021 onwards.

[BChydro]

Moreover, we can definitely see another wave of emotional cryptocurrency purchases made by inexperienced people which will provoke another bull run. If you want more reason, although difficult, applying technical, fundamentals and time related Fibonacci levels, still there's a good chance BTC hits $100,000 sometime 2021 onwards.

The market is maturing and i am not expecting anything like that in the future, people will invest a few thousands when ever they see a big rally and right now many banks has banned from using credit cards to purchase bitcoin, in the last rally many people used their credit cards and maxed out to purchase coins and when the market started falling they were not able to return those and now things have changed, you will not be able to purchase using credit cards directly but i am also optimistic like everyone and i too expect the market to rally.

[wajik-tempe]

Moreover, we can definitely see another wave of emotional cryptocurrency purchases made by inexperienced people which will provoke another bull run. If you want more reason, although difficult, applying technical, fundamentals and time related Fibonacci levels, still there's a good chance BTC hits $100,000 sometime 2021 onwards.

The market is maturing and i am not expecting anything like that in the future, people will invest a few thousands when ever they see a big rally and right now many banks has banned from using credit cards to purchase bitcoin, in the last rally many people used their credit cards and maxed out to purchase coins and when the market started falling they were not able to return those and now things have changed, you will not be able to purchase using credit cards directly but i am also optimistic like everyone and i too expect the market to rally.

Ofcourse banks will prevent their customers for buying bitcoins because the bitcoin decentralized system if it already become mainstream and everyone use it, i think banks will have a dangerous position and people will leave it. Also for me investing bitcoins or cryptocurrency with creditcard is not reccomended because sometimes our assets is could be gone anytime and we'll have debt to banks

[bbc.reporter]

Peter Schiff is feasting on bitcoin's dump down to $7600 similar to a forum cave troll hehe. In any case, it is fine to be a bitcoin bear, however, Peter Schiff should try to be credible about it. Dumping to $1000 might be the death dump for miners. This is impossible, I reckon.


GOLD BUG SCHIFF CLINGS TO $2,000-$1,000 PREDICTION

Peter Schiff, gold bug and traditional investor advisor, sees an ominous picture in the current slide. Without a relief rally closer to $9,000, bitcoin may continue downward to as low as $1,000, based on Schiff’s most pessimistic prediction.

@PeterSchiff
#Bitcoin is nearing the neckline of the head-and-shoulders top I pointed out before the Oct 25th 40% pump. The right shoulder is now shrugged and the neckline slanted and parallel to the shoulders. If it breaks the price objective for the dump is $1,000 to complete the pattern.

Source https://bitcoinist.com/peter-schiff-doubles-down-on-1000-bitcoin-prediction/

[bbc.reporter]

Peter Schiff very expectedly on the attack as bitcoin's price weakens hehehe. I reckon that he is partly correct on his criticizing of APompliano, however. Why are the bitcoiners changing the storyboard from safe haven asset to noncorrelated asset?



Schiff: Bitcoin as a safe haven is “nonsense”

BTC/USD has seen considerable selling pressure since the weekend, losing almost $1,000 over the past three days.
“Bitcoin promoters claim #Bitcoin has proven itself to be superior to #gold as a safe haven and store of value. This is nonsense,” one post reads.
 
“Bitcoin hasn't been around long enough to prove anything other than P.T Barnum right. There's a sucker born every minute and many of them own Bitcoin.”

For Schiff, however, this was not convincing enough.
 
“On CNN @APompliano admitted that #Bitcoin isn't a safe haven asset, but a non-correlated asset, meaning regardless of what other assets do, Bitcoin is as likely to go down as up,” he claimed on Wednesday.
 
“So the value of Bitcoin is that no one has any idea what its price will do. What's that worth?”

Read in full https://cointelegraph.com/news/bitcoin-suckers-are-wrong-about-safe-haven-status-peter-schiff

Source https://twitter.com/PeterSchiff/status/1232339689824309250

[blckhawk]

Well, it feels like I've heard it before but different cases but not entirely the same this is when someonen spend his Bitcoin just to bought pizza and if we will compare it to this he had no idea how bitcoin can be great. Bitcoin always surprises us sometimes it suddenly pump and suddenly drop as well. I think it is just a matter of risk if you will believe on it or not.

[dragonvslinux]

My Peter Schiff trading indicator just suggested that Bitcoin may hit $50K sooner than originally expected.

[bbc.reporter]

@dragonvslinux. The coronavirus said no hehehehe.

In any case, the bitcoin market situation might be very bad if we do not hear more bashings from Peter Schiff anymore. He might be pitying us hehehe.

[dragonvslinux]

@dragonvslinux. The coronavirus said no hehehehe.

In any case, the bitcoin market situation might be very bad if we do not hear more bashings from Peter Schiff anymore. He might be pitying us hehehe.

I think you're almost certainly right, the virus has definitely put the brakes moonshot for now. I'm glad you bumped this topic, this is why being a permabull is no good 
Let's hope Schiff comes up with some more $0 predictions in the near future 

[adaseb]

You got to picture this scenario. Everybody is stuck at home and nothing to do except trade or watch Netflix. Most retail have went all cash due to fear and panic. And they are bored and want to trade. All of a sudden BTC starts mooning right before the halving. Everybody will see this. So they learn its an asset that doesn't inflate like cash and they will buy it for the hell of it.

We will get massive inflows into crypto and might we an ATH if the stock markets keep tanking. Most retail traders usually buy stocks or other assets like bitcoin or gold. They don't like to short. Hence when there is nothing to buy but bitcoin they will buy it and we might explode in price.

Its one theory, doesn't mean it will happen. But you never know.

[STT]

Ordinarily people would run out of cash in any deflationary event.  This is all about that central bank policy and how no matter what they cannot allow a contraction to occur because it will wipe them out, such is the epic scale of debt in existence now.   They do require inflation is the ongoing theme, it does unwind and get out of control at some point but for the moment they will just ensure the QE matches current environment.

GOLD BUG SCHIFF CLINGS TO $2,000-$1,000 PREDICTION

That might happen in a normal play out but by Schiff's own judgement he knows inflation is the norm.   I think alot of it is his personal reckoning is off on technology and its usage for normal people being high.    
   We could see [Interest bank base rates] 10% rates if this virus was spreading in the 1970's.   Hong Kong had something very deadly like this back then but the whole world was different also.   5% even would be too high to handle right now so they have to do the opposite.    If that trajectory is correct, this idea of 1k or 2k for BTC is way off as a target though volatility can make every price register .

[Wind_FURY]

A gold bug that doesn't want people to hold a truly self-sovereign, energy-backed hard money, and he actually wants us to hold mere gold certificates that requires third-party-trust. OK.

How do we know the gold in his vaults are actually there, or will actually be there? Third-party-trust is a security hole. HODL Bitcoin.

[Wind_FURY]

I saw this funny meme shared across Twitter. Plus did Peter Schiff's tirade against Bitcoin actually start from 2012? It would be laughable.

[gentlemand]

This one posted on Reddit has some gold too.



I assume by this point he's come too far to give up now. There'll be a moment where he's simply shitting all over his own panties, and image, but won't be capable of recognising it. Maybe that moment was already long ago.

[coinfinger]

Wouldn't really makes sense for someone who is not investing into bitcoin at all and invested in other stuff to promote bitcoin and downplay his own investment would it.

Not just because he might be wrong, not because he is actually believing what he is saying (maybe he actually does believe it, maybe he doesn't) but that basically is the only reason, he might be just trying to get as much attention away from bitcoin and into his own investments. That is what a real investment banker would do, that is what a broker would do, anyone who thinks Peter is dealing with his own alone is wrong, dude manages a lot of money and if he comes up and says "I was wrong, bitcoin is good, I made a mistake" that would be terrible for him, so he is going to obviously stick to his guns.

[kesmex]

if Peter had talked like that, I thought that it would mean a price break of at least $ 20,000 to $ 30000, a highly awaited number  , this is very interesting, especially since the current bullish sentiment is more than FUD

[STT]

His investment is his management company more then anything else, the assets contained within are a matter of opinion.    He has lots of foreign stocks, China especially I think and gold miners and oil I believe.

The problem with advice from Schiff is he is not a trader especially, so making a call like this when we have alot of inflation and easy money is he can easily be wrong.   The real message he is trying to say is fundamental not timing especially, so he is doing himself no favours.

[Wind_FURY]

This one posted on Reddit has some gold too.



I assume by this point he's come too far to give up now. There'll be a moment where he's simply shitting all over his own panties, and image, but won't be capable of recognising it. Maybe that moment was already long ago.

Plus also this one! Peter Schiff on 2025, when Bitcoin surges to $100,000 per coin. I hope he doesn't loose his password/seed words/private keys, and blame Bitcoin like before. Hahaha.