Peter Schiff on Crypto

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Schiff on crypto is not a new revelation. He's been on that soapbox for about a decade now.
 
To paraphrase Peter ... The creation of Bitcoin consumes a lot of resources, power and computing, which could be used to produce goods or services. Creating Bitcoin is simply creating new money, more inflation.
 
If people did not find value in Bitcoin, they would not buy/trade it and it would implode as the mining activity would become unprofitable. There is a value proposition to BTC and while Peter sees BTC as a threat to his gold business, he's very biased to the point where he cannot rationally think about the subject or see what millions of folks without a conflict of interest agenda can see.
 
I believe the original GIM discussed Bitcoin when it was 7 cents a coin...kind of wish I'd had bought some.
 
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