Peter Schiff and Crypto

This time Peter Schiff did not say Bitcoin and Crypto would lose monumental amounts of money, he actually said Crypto was doomed to disappear. Now Schiff is a millionaire investor who has played the stock market and has come out ahead. He also predicted the 2008 economic crisis. But, to be honest, I also thought the World's economy was headed for trouble back then.

Mr. Schiff seems to believe the best hedge against the coming crisis is investing your money in gold and other tangible assets. The problem here is what is a tangible asset? If things do get as bad as the most negative predictions go, gold will not get you out of the hole, you will only need food and a place to survive. So, no tangible assets are not really a life saver if we face an existential threat, you can't eat them.

As for Crypto, especially Bitcoin, can it really disappear? I myself don't think so. There are hundreds of billions, if not trillions of dollars invested in this Crypto World. Are we to believe that the people who own these huge amounts of Crypto assets will just write them off as a loss? Remember if they are worth nothing, even if you try to sell them, nobody is going to buy them even at ridiculously low prices, beacuse they will be worth nothing.

Now this scenario, of a crypto ending is perhaps a possibility, but I think the chances of this happening are just as likely as fiat also ending its usefulness and becoming totally worthless. Now, countries and banks might move to end Crypto and fiat for their own electronic currency, but they would have to change fiat and crypto from its owners with their new currency. So I don't think Crypto, if it does end will be as much of a catastrophe as Mr Schiff makes it out to be. And remember I have as much foresight into the future as he or anyone else has, mainly nothing just speculation.

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