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Peter Schiff continues to get it wrong in regards to Bitcoin dating back to 2013 I'm actually going to show you some tweets that Peter has tweeted out he's constantly and consistently been calling Bitcoin a Ponzi scheme a bubble and referring to it as a tulip mania see I can understand if Peter got it wrong for one quarter one year maybe even two years but we're going on almost seven and a half to eight years and again I'm going to show you the charts and show you the tweets at a certain point I can no longer take you serious because either you're a shill and you're trying to protect your entire investment thesis which is investing in precious metals and investing in gold mining stocks and understand I'm an avid reader and subscriber to Peter Schiff philosophy when it comes to investing right here I'm holding one-tenth of an ounce of an American Eagle gold coin I've been investing in precious metals going back to 2010 I read Peter Schiff's book boom moves in a bear market so it's not like I'm against Peter shifts philosophy or ideology when it comes to markets and when it comes to the macro theme of what's going to happen not just in the US markets but in global markets I'm an avid believer of having both I want to have a digital gold which bitcoin is referred to and I want to also have physical gold because I personally don't know which asset class is going to win in the end maybe both may win maybe I can have some physical gold and have some digital gold so we're gonna do right now follow me we're gonna go look at the charts and I'm gonna go to the tweets going back to 2013 and show you how Peter Schiff has just been absolutely flat-out wrong when it comes to Bitcoin so follow me what we're looking at right now is a screenshot with Peter shifts tweet overlaying the Bitcoin chart so let's get to the actual tweets and we can look at the corresponding dates so right here this tweet was sent out at 10:40 p.m.
November 21st 2013 peter tweeted out thinking of buying bitcoin instead of precious metals think again Peter Schiff explains why in an exclusive video now understand on this day bitcoin was trading in the $300 price range this is going back to 2013 here's another tweet 9/16 p.m. December 16th 2014 bitcoins selling off during the Russian ruble crisis is a bad sign much has changed since 2013 when problems in Cyprus sent prices soaring again could have purchased it in the $300 price range and we're gonna pull up a live chart to go back and look at this you can go follow this up on your own again 5:01 p.m.
September 13th 2017 it looks like the Bitcoin it looks like the Bitcoin dam at the 4000 support level has broken it's now a bloodbath as the flood gates are wide open attend he's wrong now this is when we went parabolic and we had the big coin crash well look what Peter Schiff tweeted out here on November 25th 2018 at 2:30 9:00 a.m.
don't make the mistake of thinking that eyeing Bitcoin below $3,800 is a bargain just because the current price is better than 80 percent below its record high bitcoins price could easily drop another 80 percent from here and at $750 it would still be expensive and look what Bitcoin did it literally took off and rocketed from 3800 all the way up to 14,000 and here we are now November 21st 2019 peter tweets out again bitcoin is nearing the neckline of the head and shoulders top i pointed out before the October 25th 40% pump the right shoulder is now shrugged and the neckline slanted and parallel to the shoulders if it breaks the price objective for the dump is one thousand dollars to complete the pattern as I stated earlier you cannot be this wrong for this long and be taken serious I can see if you got it wrong for one quarter I can see if you got it wrong for one year we're talking about seven and a half to eight years Peter even in certain interviews has stated that he's had the opportunity to buy Bitcoin back at eight dollars in ten dollars and now I'm starting to look at Peter Schiff as a shell where he views Bitcoin as a threat because bitcoin is viewed by many especially the younger generation as digital gold and instead of trying to educate people on both the opportunity to have precious metals and have digital gold he views Bitcoin as threatening his business and his business model so he wants to take the contrarian approach and basically trash bitcoin now also if you pull up a chart of the S&P or the Dow Jones and Peter Schiff constantly keeps talking about how it's overvalued if you price it in gold he's been wrong based upon the appreciation in dollar terms of the rise of the stock market because Peter shifts investment philosophy and thesis it's all about preserving wealth well understand for people like you and I who are not multi millionaires or billionaires and all of us to acquire more precious metals or more crypto we need to make more Fiat so you need to be investing in things like marijuana stocks or pump-and-dump kryptos or the stock market to make more fiat so you can buy more precious metals that's just common sense his investment philosophy is for people who are already wealthy and understand the market even if he's right we all know that the market can remain irrational longer than you can remain solve it and even going back to the movie the big short with Michael burry he had the right idea but he was just a little bit too early luckily for him it ended up working towards the end but if your timing is off on an investment if your timing is off you because if you're shooting something like right now the shorts and Tesla they're getting hammered so when it comes to macroeconomics when it comes to you know being a libertarian when it comes to ocean economics I listen to Peter Peter has everything down packed when it comes to the manufacturing data when it comes to pricing things in looking at the trade deficits I totally agree with Peter but at this point I'm beginning to look at him with a side eye and beginning to understand cuz I'm a little bit older now when I first came across Peter Schiff I was probably 19 20 years old freshman sophomore in college and I kind of brought into the hype I was following Ron Paul and Rand Paul and it was my first time being exposed to that way of thinking but now that I'm a little bit older I understand everyone on the internet has an agenda everyone on the internet is trying to sell you something so I learned how to decipher how to eat the meat and spit out the bones how to look do two Bs peter is trying to sell you gold and gold mining stocks through his business and I agree with that investment thesis but not at the expense of cryptocurrency because when you look at the market cap of Bitcoin because the market cap of Bitcoin as of today is floating somewhere around 130 hundred and forty billion dollars it's going to far outpace gold in terms of return on your investment ROI why because if they view it as a safe haven and gold market cap as well in the trillions and bitcoins market cap is only in the billions then you can clearly see there's way more room to the upside if you are investing in crypto versus investing in precious metals so Peter Schiff has been getting it wrong Peter Schiff is one of those people he's an ideologue it's all about how he views the world through his lens and you just can't think that way see I need to acquire more fiat as I stated earlier so that I can get more crypto people like Peter who are already wealthy they don't need more fiat so he's just thinking about preserving wealth so when I look at gold as I showed you earlier I own gold I own so I own precious metals I'm looking at this as a hedge against economic instability as a hedge against our financial system and I will continue to buy gold and I will continue to buy crypto but at a certain point you must begin to look at people like Peter Schiff differently
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