Economist REVEALS Why Bitcoin is going to ZERO
I recommend watching this video above if you have an hour to spare. Let me break it down for you. Peter Schiff talks about bitcoin. When you are an owner of bitcoin, it's only normal to pump it up to the others because bitcoin's success rests on others buying into it.
- Bitcoin is not an asset like real estate = collecting rent.
- Bitcoin is not like a committee = where you own gold or metal and make something useful.
- Bitcoin is not a stock = Which is a business you are buying a share of that has profits and actual goods being made and sold.
- Bitcoin is not a bond = where you collect interest.
What is bitcoin? It Is a token, a digital strain of numbers. It has a value but is linked to nothing like a committee or stock is. Peter talks about how bitcoin has a high value at the moment, especially to the people who bought in at a lower price, but for these people who have made millions, they need others to get in at higher prices so they can get out. So, it is almost like a pyramid scam.
Peter also states it is not real money. It has no substance behind it or real value. It has a price, but the price isn't value. If people buy and no one sells, the price will go up, but eventually, you will want to use that money to buy tangible things. When the holders of bitcoin want actual money to buy a house or a car, they need to sucker a whole new group into bitcoin, and what will happen is the price will go down and eventually crash to nothing. Peter believes it's a very risky investment.
If you're skeptical about bitcoin and want another person's point of view on bitcoin, I think this is an interesting video to watch and choose how you want to invest after the knowledge you have gained.