Bitcoin has nothing in common with gold - veteran stock broker Peter Schiff
The value of digital currencies cannot be on par with gold, veteran stock broker and CEO of Euro Pacific Capital, Peter Schiff, told RT's Keiser Report as they discussed the recent #DropGold campaign.
© Reuters / Dado Ruvic
Last week, a New York-based crypto-asset investment firm Grayscale Investments (Grayscale), ran a TV commercial, showing people pulling shopping cart full of gold bars, trying to convince investors that bitcoin is “displacing gold” as we live in a “new financial era.”
The “ridiculous” advertisement is just a farce, according to Schiff, who stressed that cryptocurrencies, and bitcoin in particular, have nothing in common with the precious metal and have “no intrinsic value” other than people willing to buy it.
“Bitcoin tries to pretend to be gold, but I think it's fool gold,” the broker said in an interview with Max Keiser. He explained that the most-valuable digital currency may have some of the monetary properties of gold, but none of the commodity properties.
“There is no value to store in bitcoin … When you're storing bitcoin you're storing nothing,” Schiff said.
Original: https://www.rt.com/business/458997-fools-gold-bitcoin-schiff/
Peter Schiff is a bankar from the Schiff family, who has tight connections with Rothschilds. Bitcoin is made to remove their leverage on power through the financial system. Of course he is scared to death, of course he refuses to learn anything about it, and of course he will have nothing nice to say about bitcoin. Max just likes to see him agitated:
Gold has no intrinsic value. You can't eat it and it doesn't have a lot of industrial uses. It is used for decorations and jewelry. That is about it.
Gold bars can be injected with Tungsten which has about the same density so you have to trust whoever you got the gold from unless you have a metallurgy lab.
The price of Bitcoin is open and available to everyone and you know what you are getting when you buy it.