by Peter Schiff, the guy who has been so wrong about everything, is now saying that bitcoin is going to zero. This is why you should probably buy every single dip.Remember Schiff's predictions?QE will cause hyperinflation. The Chinese will stop "lending" to us and interest rates will skyrocket. Gold is going to ,000.And more.Bitcoin is not a bubble. It's a symptom of the world's desire to "de-dollarize." And while it will not become any kind of mainstream currency anytime soon because of its highly finite nature (like a gold standard or fixed FX regime, only worse), it reflects the desire on the part of people, institutions and nations to diversify out of the dollar.The need to move away from the dollar has been prompted by increasingly aggressive and antagonistic policy emanating out of
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Mike Norman considers the following as important: Bitcoin, blockchain, China, cryptocurrency, currency, Peter Schiff, yuan
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Remember Schiff's predictions?
QE will cause hyperinflation.
The Chinese will stop "lending" to us and interest rates will skyrocket.
Gold is going to $10,000.
And more.
Bitcoin is not a bubble. It's a symptom of the world's desire to "de-dollarize." And while it will not become any kind of mainstream currency anytime soon because of its highly finite nature (like a gold standard or fixed FX regime, only worse), it reflects the desire on the part of people, institutions and nations to diversify out of the dollar.
The need to move away from the dollar has been prompted by increasingly aggressive and antagonistic policy emanating out of Washington. It's policy that is intended to use the dollar and the global, dollar-based, clearing and transaction system as a weapon.
No nation, not even one that is a U.S. ally, can afford to have the risk of being shut out of that system so the search is on for alternatives. Witness--bilateral, non-dollar trade agreements in yuan between Russia and China. Venezuela accepting yuan for payment of oil. Yuan-based oil trading, etc.
Technology (blockchain, etc) and need (US policy) have created the impulse behind bitcoin. There will be other cryptocurrencies emerging and, like I said, none of them will end up being the new global currency, but the desire to diversify into non-dollar units of account is very real and that means bitcoin is not a bubble.