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bitcoin was really shoved down everybody's throat and massive money spent to convince people to buy basically nothing worthless tokens the real money was getting rid of bitcoin the average person who bought bitcoin in 2021 is way down on that buy because ultimately it doesn't have any value so a lot of people are going to get wiped out on the way down in crypto hi it's rob moore and welcome to disruptors now peter schiff is a stock market investor there's a lot of shocking revelations in this discussion about bitcoin the bubble the impending crash the hyper price of assets this is likely to upset some people especially the crypto community and the hodler so just before we dive in make sure you like this video subscribe to the channel and turn the notification belt on so you tweeted recently don't wait for the bubble to deflate completely before recognizing what it was just open your eyes on your mind and sell your bitcoin now while others still have their eyes closed and mine shut and i think most januaries you've been sort of you know saying you know get out of bitcoin or many januaries and it still seems to be here so why is it going to go to zero i mean you've probably said it before but it's still here it won't go away yeah so i mean bitcoin's price is about the same as it was a year ago in fact relatively soon probably within the next few days it will be negative on a year-over-year basis and you need to ask why is that because in 2021 there really was a record amount of hype surrounding bitcoin and other cryptocurrencies i mean like i've never seen and not just height but massive advertising campaign from all sorts of crypto related companies that got started up in the you know in the uh ipo spac wave of 2021 so i mean bitcoin was really shoved down everybody's throat in 2021.
i mean especially look at a network like cnbc non-stop uh crypto ads i mean one ad after another non-stop throughout the day and then their their list of guests uh including all these pumpers from the bitcoin world and various companies out there touting a bitcoin with pie in the sky forecast of spectacular price appreciation and all of the on-air you know hosts and you know they're all agreeing i mean nobody is really uh challenging any of these people uh despite you know how ridiculous you know their forecasts are what they're saying and despite all this positive press right and massive money spent to convince people to buy basically nothing worthless tokens why didn't the price go up because lots of people were buying right and you had these institutions right come in and start buying bitcoin why didn't all that buying drive up the price that's because there was somebody else selling right the real money was getting rid of bitcoin in 2021 that was the big opportunity the average person who bought bitcoin in 2021 is way down on that buy uh you know bitcoin got as high as 69 000 and right now it's around 41 000.
uh you know that's a pretty substantial decline in you know in a few months uh but it's still got a long way to go because ultimately it doesn't have any value it has the perception of value and because people perceive value where it's not there they're willing to buy it and there's a price associated with that perception and as long as people think they can get rich buying bitcoin they'll buy bitcoin but when they no longer believe they're going to get rich they won't buy it and when they think they're going to get poor if they keep hurdling it then they're going to sell it and you know you this is you know billionaires in bitcoin the bitcoin billionaires bought their bitcoin a long time ago right if you're a billionaire buying bitcoin today you're not going to be a billionaire if you buy a lot of bitcoin uh but people became billionaires getting in early and now they're cashing out uh but the people who are buying now are the bag holders and you know the big push was to get the institutions on board and they may have succeeded to a small degree in 2021 suckering in some institutional money but i think that after being burned so badly uh i think the institutions that put their foot in the water and and now see how cold it is i think they're they're not going into the pool uh so the mark but i think the the price is headed down and you know there's a lot of leverage in bitcoin now that didn't exist in the past because a lot of people who bought bitcoin you know when it was a lot lower in price they're sitting on these huge gains paper gains uh and they they want to spend some of that wealth they want to buy a new car they want to buy a new house they want to travel but in order to do that they'd have to sell their bitcoin and they don't want to sell their bitcoin because they're so greedy they think it's going to keep going up and so they don't want to sell plus if they sell they have to pay a capital gains tax they don't want to pay that so a lot of people have just been borrowing against their bitcoin they've been taking out loans and they pledged their bitcoin as collateral and now they go out and buy stuff with the money they borrowed they didn't have to pay any taxes because they never sold any bitcoin well here's what's going to happen uh to to those people bitcoin is going to crash their collateral is going to get sold and a margin force liquidation because it's no longer uh worth enough to collateralize the loan so now they're gonna have to sell all their bitcoin at a lower price and if they bought it a long time ago they're still gonna have a gain so now they're gonna have to pay a tax too so a lot of people are gonna get wiped out on the way down in in crypto and i think the um the leverage is going to really accelerate the collapse because those force sales happen in a vacuum right all of a sudden you got to sell and you know whatever the market happens to be is the price that's gonna get well what if the buyers aren't there there's no market makers there's no specialists there's no you know limits uh there's nothing and so bitcoin can go from forty thousand to ten thousand to five thousand i mean you know in a few day in a few hours even if the bids aren't there what's the best advice you've ever received peter well the best advice i probably ever got was to buy bitcoin when it was really cheap but i didn't do it and i don't have to necessarily take the advice chris at first i when you asked the question i was thinking about what's the best advice that i took but actually it's advice that i didn't take i got i got some really good advice early on to buy it peter what's the worst advice you ever received the worst advice probably to buy bitcoin too so i hope you enjoyed the video now if you like this we have a full deep interview the uncut unedited version so if you want to watch that the link is below but first make sure you like this video and subscribe to the channel you
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