Hour 2 - Peter Schiff (CEO/ Chief Global Dtrategist of Euro Pacific Capital Inc.) comes on the show to talk about Bitcoin; Gold Money integrating Bitcoin despite Peter's Bitcoin Bubble Comments
2017-12-13 Hour 2 Peter Schiff from Ernest Hancock on Vimeo.
Peter Schiff is the President & CEO of Euro Pacific Capital, an SEC-Registered Investment Adviser and a full service broker/dealer. He is one of the few widely known economists and investment professionals to have warned about the financial crisis before it began. As a result of his commentary on the U.S. stock market, economy, real estate, the mortgage meltdown, credit crunch, subprime debacle, commodities, gold and the dollar, he is becoming increasingly more renowned. He is a widely followed opponent of debt-fueled growth policies and known for his advocacy for emerging market and commodity-focused investments in countries with positive fiscal characteristics.
Mr. Schiff has been quoted hundreds of times in leading news outlets around the world, including The Wall Street Journal, Barron's, Die Zeit, Tokyo Shinbun, South China Morning Post, Investor's Business Daily, The Financial Times, The New York Times, The Los Angeles Times, and The Washington Post. He regularly appears on CNBC, CNN, The BBC, Al Jazeera, Fox News, and Fox Business Network. His best-selling book, "Crash Proof: How to Profit from the Coming Economic Collapse" was published by Wiley & Sons in February of 2007. His fourth book, "The Real Crash – America's Coming Bankruptcy" was published by St. Martin's Press in May of 2012.
Mr. Schiff began his investment career as a financial consultant with Shearson Lehman Brothers, after having earned a degree in finance and accounting from U.C. Berkeley in 1987. A financial professional for more than twenty years, he joined Euro Pacific in 1996 and served as its President until December 2010, when he became CEO. An expert on money, economic theory, and international investing, he is a highly sought after speaker at conferences and symposia around the world. He served as an economic advisor to the 2008 Ron Paul presidential campaign and ran unsuccessfully for the U.S. Senate in Connecticut in 2010. He resides in Connecticut and holds FINRA Series 4, 7, 24, 27, 53, 55, 63 & 65 registrations.
Peter will be a speaker at the Nexus Earth Conference next week = the title of his presentation is 'Schiff's view of Finance'…
To contact Euro Pacific Capital, call 1-800-727-7922
Euro Pacific Capital Schiff Predicts Bitcoin Will Ultimately Have No Value
Posted on December 11, 2017
Peter Schiff, CEO of Euro Pacific Capital, and a long-time market forecaster, said that when it comes to bitcoin, investors can't see any wrong in the cryptocurrency, and predicted its value will ultimately be erased.
"No matter how high it goes, they're never going to sell," said Schiff in an interview that appeared in TheStreet. "Ultimately, I think bitcoin has really no value. In the market, it has plenty of value. As long as there's buying, there's value. But when the buying goes away, so does the value."
The comments came last week, as bitcoin was trading at around $15,000 down from a peak of nearly $19,700, but up 1,400 percent from the beginning of the year, when it was trading at around $1,000.
Cameron Winklevoss, one of the twins that reportedly became the first billionaire bitcoin investors, is predicting that the widely popular and ever-volatile cryptocurrency will move even higher. In an interview with CNBC late last week, Winklevoss claimed that bitcoin disrupts gold.
"Gold is scarce, bitcoin is actually fixed. Bitcoin is way more portable and way more divisible," Winklevoss said. "At a $300 billion market cap, it's certainly seen a lot of price appreciation, but gold is at $6 trillion, and if bitcoin disrupting gold is true and it plays out … then you can see 10 to 20 times appreciation because there is a significant delta still. Long-term, directionally, it is a multi-trillion-dollar asset – I don't know how long it takes to get there."
At the same time that Winklevoss is pounding the table on the future prospects of bitcoin, many financial heads think it's a bubble. In one famous example, JPMorgan's chief executive, Jamie Dimon, called bitcoin a "fraud," and others have similarly spoken out against the cryptocurrency.
Still, Winklevoss disagrees, telling CNBC that it's not the right way to look at cryptocurrency. "Social networks grow in value exponentially based on the number of users and participants," he pointed out. "The difference between one and 100 is dramatic – 100 and one million is that much more dramatic and exciting. As more people join, it gains more value."
GoldMoney Integrates Bitcoin Despite Peter Schiff's Bubble Comments
SEP 28, 2017 - By Joseph Young
Peter Schiff, a renowned investor, author, and financial commentator, who has consistently offered baseless condemnation on Bitcoin, has demonstrated why the demand toward Bitcoin and the cryptocurrency market can no longer be ignored.
On social media platforms, Schiff announced that GoldMoney, the parent company of SchiffGold, his gold businesses acquired in 2014, will be offering Bitcoin brokerage services to its clients. Schiff claimed that it is not an endorsement of cryptocurrencies but a response to the growing demand toward Bitcoin.
Bitcoin is not a bubble...
Throughout the past few years, Schiff has continuously described Bitcoin as a bubble. Schiff explained that Bitcoin was a bubble when the price of Bitcoin hit $2,000, $3,000, $4,000 and most recently, $5,000. In August, Schiff told Coindesk:
"There's certainly a lot of bullishness about Bitcoin and cryptocurrency, and that's the case with bubbles in general. The psychology of bubbles fuels it. You just become more convinced that it's going to work. And the higher the price goes, the more convinced you become that you're right. But it's not going up because it's going to work. It's going up because of speculation."
There definitely were bubbles in Bitcoin and cryptocurrency markets in the past. But, it is completely inaccurate to describe Bitcoin and the cryptocurrency market as bubbles. Schiff has always introduced the concept of intrinsic value to justify the superiority of gold over Bitcoin, but like any asset or currency, the value of Bitcoin depends on its market. Within the last eight years, the cryptocurrency market has become more liquid than the most liquid stock in the world, Apple.
Bitcoin is money...
Schiff fundamentally believes that Bitcoin is not money. By definition, money is a medium of exchange and the value of it should be dependent on the market and users. But, the value of government-issued fiat currencies are manipulated by central banks and were enforced against the will of the people, like the US government replacing gold with the US dollar. Whether Bitcoin is money or not, is not decided by the government or central entities. There are many users, merchants, and businesses utilizing Bitcoin as money, a digital currency, and a store of value. Hence, Bitcoin is money.
According to McAfee and Bank of Finland
As security expert John McAfee stated:
"It costs $1000 to mine one Bitcoin. What does it cost to print US dollar? Which one is the fraud?"
More to that, the Bank of Finland further emphasized in its research paper that Bitcoin is a decentralized financial network that cannot be regulated and censored by central entities, as it operates its own economy in a peer-to-peer ecosystem. It further encouraged economists to study the "marvelous" structure of Bitcoin.
"Bitcoin is a monopoly run by a protocol, not by a managing organization. Familiar monopolies are run by managing organizations, with discretion to determine and then change prices, offerings and rules. Monopolies are often regulated to prevent or at least mitigate their abuse of power. [Bitcoin's] apparent functionality and usefulness should further encourage economists to study this marvelous structure," read the Bank of Finland research paper.