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Peter Schiff On Gold vs Bitcoin

Posted By admin On November 22, 2013 @ 5:30 am In Money Watch | Comments Disabled

Zero Hedge [1]
November 22, 2013

Peter Schiff is sympathetic “with what [bitcoin] is trying to achieve,” but as he explains in this brief clip he believes, “they are using the wrong vehicle.” After rising from less than $20 to more than $600 in one year, many investors are wondering if bitcoin might be worth the risk, Schiff adds, nothing that early adopters pitch bitcoin as “gold 2.0″ – a digital currency that cannot be manipulated like fiat money. Bitcoins are even “mined,” similar to physical gold and silver (and are scarce and divisble); but as Schiff explains, bitcoins still fail as a substitute for gold and strongly urges investors to avoid this risky new currency. Bitcoin could very well have already hit its top, but Peter is confident gold is still well below its future record highs.

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URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/news/2013-11-21/daniel-hannan-sums-us-political-system-140-characters-or-less

[2] Gold and Silver: Load the Boat-Back Up the Truck-Peter Schiff: http://www.prisonplanet.com/gold-and-silver-load-the-boat-back-up-the-truck-peter-schiff.html

[3] Peter Schiff Says Gold to $5,000/ounce and US Market Rally Will Fade: http://www.prisonplanet.com/peter-schiff-says-gold-to-5000ounce-and-us-market-rally-will-fade.html

[4] Peter Schiff: “Gold Is Being Undermined By The Fantasy Of A US Recovery”: http://www.prisonplanet.com/peter-schiff-gold-is-being-undermined-by-the-fantasy-of-a-us-recovery.html

[5] Peter Schiff on record gold prices: I told you so!: http://www.prisonplanet.com/peter-schiff-on-record-gold-prices-i-told-you-so.html

[6] Peter Thiel Gets the Bitcoin Bug: http://www.prisonplanet.com/peter-thiel-gets-the-bitcoin-bug.html

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