The real problem with #Bitcoin isn’t volatility. Volatility means Bitcoin can’t function as a currency, but it makes it very appealing to traders and speculators. The real problem is that Bitcoin has no underlying value to support its price, making a terminal collapse inevitable.
Peter Schiff @PeterSchiff
Tweeted on January 10, 2022
[That is what I believe too. I mentioned the volatility, appeal to traders, and no underlying value in a discussion with a coworker last month after he told me about setting up the server rack in his garage to mine Bitcoins. My coworker wasn’t accepting my arguments. I tried comparisons to other mined products such as gold and silver. He seemed to understand what I was saying but could not be convinced Bitcoin is a high risk investment.
That Schiff sells gold probably gives him a blinding bias but he, and I, may still be correct. I just don’t know. And that I, and apparently Schiff, cannot make an accurate prediction as to when the demise of Bitcoin occurs gives me concern that we are mistaken in our belief.
I’m more confident in prediction about the financial collapse of the U.S. government than I am of predicting about the demise of Bitcoin. Yet, I still believe.—Joe]