Peter Schiff speculation, bitcoin will never hit $50k

[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.