Above is an interesting take on Bitcoins from Peter Schiff, CEO and Chief Global Strategist of Euro Pacific Capital.
In the video, Schiff explains why Bitcoin is not “gold 2.0” but modern day alchemy (termed “tulip mania”):
“While I have a lot of sympathy with what the bitcoin community is trying to achieve, I just think they have the wrong vehicle”…
“Bitcoins really replicate all of the properties of gold, even improving on some of them, but here’s the problem: They replicate all the properties except the single most important one: Value. Intrinsic value of the metal itself. Bitcoin doesn’t have any”…
For those interested in learning more about Bitcoins, and have not done so already, make sure that you check out Cameron Murray’s post on Bitcoins last week.
