Interesting:
Peter Schiff says only an unlikely government intervention can save Bitcoin
Schiff is again warning that holders of the digital currency are in for a grim awakening — and an unlikely Bitcoin price rally is their only hope. He notes that Bitcoin can only hit a new all-time high if the U.S. government steps in and buys massive amounts of it for its strategic reserve — a move he believes is highly unlikely.
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He has only recently doubled down on his long-term prediction that Bitcoin is on track to drop well below $88,000 by 2026, as the asset, aside from losing a significant amount of value in its retreat against the dollar, has struggled to assert resistance against gold.
That is an easy prediction to verify as valid:
Bitcoin is a faith-based asset. It has no substance other than many people believe in it. If enough people stop believing it is something of value its value will drop to, essentially, zero.
Has that time come? I don’t know. Other “experts” say no:
Peter Brandt predicts Bitcoin to hit $200K by Q3 2029 – Cryptopolitan
Brandt said that he remains a long-term bull, despite the recent market downturn, viewing the current sell-off as a healthy reset that may open the door for future profits.
Brandt challenged forecasts from figures such as BitMEX co-founder Arthur Hayes and Tom Lee, who have predicted that BTC will at least hit $200,000 by the end of the year. Notably, in October, Hayes and Lee reaffirmed their belief in the forecast.
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Brandt believes that the current sell-off is a beneficial moment. He claimed that “this washout is the best thing that could have happened to Bitcoin.” Other commentators like Rational Root agree with him, pointing out that such falls in the past have made room for new market highs. Historically, such “reset phases” have frequently preceded sharp price hikes.
Reality is tough. Really tough. And accurately predicting the emotional direction and magnitude of a large population may be an unsolvable problem.
Brandt has his biases. He owns a fair amount of Bitcoin and advising others to buy it benefits him. I have my biases, I don’t own, and never have owned, any Bitcoin. It has always seemed untrustworthy to me. I view Bitcoin as far less trustworthy than paper money. And, except for certain currencies, and short time periods I don’t trust them. So, my advice* is to get whatever money you can out of Bitcoin as soon as you can and convert the cash into something having real value such as gold, ammo, guns, land, or even buildings or an underground bunker. If paper money were trustworthy, my status as a multi-trillionaire would mean I could now retire in comfort. But I cannot.
* I am not a financial advisor. My advice is, at best, that of an amateur.
Bitcoin, like all modern money, is a faith based asset. The difference is that the faith isn’t propped up by a government. US Dollars deserve (based on past history anyway) more faith than Bitcoin. Venezuelan or Russian or Red Chinese currency, not so much. Holding those is about as speculative as holding Bitcoin, or arguably more so because you’re relying on actors known to have bad faith.
” I am not a financial advisor. My advice is, at best, that of an amateur.”
And yet you say;
“Bitcoin is a faith-based asset. It has no substance other than many people believe in it. If enough people stop believing it is something of value its value will drop to, essentially, zero.”
Which is the most sage advice anyone can give another person about economics. True of even gold and silver.
And should be taught in grade school.
You may feel like one “crying in the wilderness”, but you’re not alone. And people are about to find out the hard way exactly the truths you just espoused.
Gold and silver will probably always have significant value in industry, decoration, and jewelry. Bitcoin? It could go to near zero with only some value to historians.