Peter Schiff on Crypto Coin SHIBA INU

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시바견 코인(SHIB)이 2021년 출시 후 급등해 시가총액 약 420억 달러로 9위까지 오른 현상을 다루며, 이를 전형적인 투기 광풍으로 규정한다. 시바이누는 4월경 출시 직후 시가총액 130억 달러까지 치솟았다가 수십억 달러대에서 머물다 11월 초 급등해 420억 달러를 기록했고, 주간 약 145% 상승했다. 가격은 0.00001달러 수준으로 공급량이 1000조 개(1 quadrillion)에 달해 저가 코인 매수 심리를 자극한다. 발언자는 시바이누와 비트코인의 본질적 차이가 없다고 주장한다. 두 자산 모두 실질적 사용처나 펀더멘털이 없고, 가격은 희소성이 아닌 심리와 모멘텀으로 움직인다는 논리다. 비트코인 맥시멀리스트들이 시바이누를 사기라고 비난하는 것은 위선적이라고 지적한다. 새로운 알트코인이 계속 등장해 비트코인의 수요를 잠식할 것이라고 봤고, 비트코인도 6만 달러 고점 이후 단기 급락(5만 8천 달러 하회)을 겪었다. 발언자는 비트코인이 결국 붕괴할 것이라는 장기적 약세 견해를 밝혔다. 핵심 결론: 모든 코인은 공포와 탐욕의 파도에 함께 오르내리며, 현재의 탐욕 랠리는 결국 공포 속 대폭락으로 끝날 것이다. 출연자는 알트코인 전반과 비트코인에 대해 장기적으로 약세이며, 단기 가격 방향에 대해서는 명확한 1~3개월 예측을 하지 않았다.

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01. and i want to talk in particular about this one cryptocurrency that has been in the news and i haven't really mentioned it on the podcast i mean i've been aware of it but i haven't talked about it and that's this coin shiba inu which is a newer version of dogecoin in that it's another dog coin and that there's a image of a dog right a shibu inu is some type of japanese breed of a dog and it is riding on the coattails of the popularity of the other doggy coin uh dogecoin or dog equine whatever the actual name of it is so anyway this particular cryptocurrency didn't even really exist until earlier this year i think it came out in like april or something like that and as soon as it came on the scene it went from zero to a market cap of like 13 billion dollars like right away like all his people were buying the coin and then it quickly pulled back down and the market cap stayed at about two or three billion dollars just until earlier this month and then it exploded just out of nowhere the coin went up to a market cap of about 42 billion dollars and so right now if you look at coin market cap where i was picking up the total number of crypto currencies shibu inu is the ninth most valuable cryptocurrency in fact it's past dose coin dose coin is number 10 and shibu inu is now number nine now the question is how much higher on the charts can it claim i mean it can easily i think overtake polka dot that one's worth 42 billion i mean right now as i'm speaking shibuya was dropped it's at 38 it's down 4.4 percent last i looked at it before i started the podcast it was higher it was actually positive but it's still up about 145 percent over the past week so it's been a very strong week even though it's pulling back in fact it may have been number eight earlier in the day or yesterday it probably was above this polka dot i'm not sure if it ever got to ripple ripple right now is in seventh place it's got just over 50 billion dollar market cap now you can't even really talk about the price of shibu inu because it trades for a tiny fraction of a penny because the supply of shibu enus is a quadrillion and a quadrillion is what comes after a trillion so a thousand trillions is a quadrillion so that's how cheap this particular coin is i mean if the coin ever got to a penny which it's never going to do i think that would mean 10 trillion at a penny if i'm doing my math right in my head you know because if it was a dollar and there's a quadrillion then if it hit a dollar a coin the market cap would be a quadrillion dollars which again is impossible for anything to be worth that much so it's never going to happen so this thing is always going to trade in tiny fractions it's right now point zero zero zero zero seven so you got five decimal places to the right of the decimal point tiny tiny price but that's part of the appeal of the coin because everybody buys these coins i guess by the millions or tens of millions or billions i don't know whatever they're doing so people get to buy a lot of coin for a low price and maybe they think oh my god what if it ever gets to a penny which of course it's not going to do but you know it doesn't have to get to a penny i mean it can get to a thousandth of a penny and it would be a massive gain from where it is right now but the point about shibu inu is what is the difference between shibu inu and bitcoin there's no difference i mean everybody is saying oh it's a scam it's a joke it's a pump and dump but so is bitcoin so are all of these coins the fact that this coin can arrive on the scene a few months ago and achieve a 40 billion dollar market cap who's to say that that's not any more viable than any of the other cryptocurrencies including bitcoin i mean the price is going up i mean everybody wants to tout bitcoin based on its appreciation how much money you would have made had you only bought bitcoin at a point in the past and that proves that it's better than gold or it's the best asset because it's gone up the most well it hasn't gone up nearly as much as shibuynu certainly not this week or this year so why isn't shibu inu better than bitcoin if it has faster price appreciation than bitcoin right it's a better store of value if that's how you're going to define it based on how much it's gone up now people will say well sure sibu enu can come crashing down yeah well let's soak a bitcoin so can any of these coins it's all about confidence it's all about perception and it highlights the lack of scarcity of bitcoin because now the market has to absorb another coin some of the people that might otherwise have bought bitcoin now can buy shibu shibuynu instead so it's not like bitcoin has the cryptocurrency market to itself every day it has to share that market with more and more altcoins that are ultimately going to siphon demand from bitcoin now so far that hasn't stopped bitcoin from going up although it has stopped it really from making new highs i mean bitcoin did have a big pullback once it got above that 65 000 high we did pull back in fact we flash crashed i think was yesterday we went down below 58 000 quickly recovered but there was a big dump in the crypto space in just a matter of minutes and eventually it's going to clash crash for good right it's not going to come back it's going to crash and then keep on crashing but the success and the popularity of shibu inu just shines a light on the whole mania and it's laughable when i hear the bitcoin maximalist talk about how shibu inu is a scam that it's a pump and dump but bitcoin is not when fundamentally it's basically the same concept and because shibu inu was so successful well more coins are gonna come and what was the secret to their success well dogecoin was a success because they had a dog and so we're gonna put a picture of a dog on this coin and so now it's a success so we got some more coins i'm sure they're gonna come out now i don't know why the dogs work what about a cat maybe someone has to come out with a coin with a cat on it and maybe that one will really go up and then why not try a pig or a chicken or all kinds of animals you got tons of different animals or reptiles that you can put on coins i mean whatever the theme is and people are just going to buy it but who cares because all this is nonsense it doesn't matter what picture i put on a non-existent coin there is no coin it's just a string of numbers and the way they choose to depict it is all part of the hype it's the mean nature of what's going on and it's the same as what i said earlier about all these companies that are being valued on their revenue rather than on their profits these cryptocurrencies are not valued based on any fundamentals that would give them value it's all based on hype it's all based on momentum and why do people want to buy stock in these money losing companies because other people want to buy stock in these money losing companies and the price of the stock of these companies keeps going up and it doesn't matter how much money they lose because no one cares and so none of these cryptocurrencies actually have any real value none of them are actually used as currencies they'll never be money they're not stores of value because they have no value to store they're not units of account but none of that matters just like earnings don't matter in a bubble but just as i said earnings will eventually matter the lack of fundamental value will eventually matter to all these cryptocurrencies and when the demand goes away and you've got this enormity of supply the entire market's going to crash and if you think that hey all these all coins are going to crash but bitcoin is going to be immune that somehow bitcoin is going to escape that's pure fantasy all of these cryptocurrencies go up and down together and so if the alt coins crash bitcoin is going to crash too now maybe it will crash more slowly than the altcoins that may happen but i don't think investors are going to take a lot of solace in the fact that bitcoin is crashing at a slower rate than the altcoins the reality is all of these ships are going to rise and sink on the same tide of investor fear and greed and right now the coins are riding a wave of greed and so everybody is going up eventually they're going to come crashing down with a wave of fear as everybody is looking for the exits