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Has the famous gold beetle Peter Schiff switched to our side?

September 12, 2020

Well-known gold supporter and Bitcoin opponent Peter Schiff has acknowledged his mistakes in some of his predictions regarding the Bitcoin price. Friend Peter is very active in crypto twitter and loves controversy. This gold beetle is known for its rejection of Bitcoin. Ironically, many bitcoiners think that bitcoin and gold are closely related. Schiff always predicts the Bitcoin debacle. However, Many dream of the day that ship will switch to our exchange. It would be like the story of Saint Paul who, after being a great opponent of Christianity, became one of its most ardent defenders. Is Peter Schiff our Saint Paul?

No, Peter Schiff has not switched to our side. It’s a fantasy for many. But it’s one thing to admit a mistake in a prediction and quite another to become a sponsor of Bitcoin. What happened is that there is a lot of fanaticism in crypto. Fans need confirmation all the time, and criticism fuels their uncertainty. Because of this, they don’t tolerate people like Peter Schiff.

Read on: Peter Schiff’s son is buying more Bitcoin

Has the famous gold beetle Peter Schiff switched to our side?Has the famous gold beetle Peter Schiff switched to our side?

We all know, for example, that Warren Buffett is a very conservative investor. But the mere fact that an investor as successful as him doesn’t believe in Bitcoin drives more than one crazy. The first reaction is disqualification. Max Keizer, for example, called him an idiot for not investing in Bitcoin. He even mentioned that Warren would be putting his reputation on the line if he didn’t invest in Bitcoin. Ironically, when Buffett’s Berkshire Hathaway company bought shares in a mining company, Max and others began building an elaborate fantasy around Warren dropping the dollar and hugging gold. That said, it is only a matter of time before you adopt Bitcoin. The follies of children with too much imagination.

Max Keizer and Anthony Pompliano are particularly inclined to draw these conclusions. That is, they imagine novels out of nowhere. Personally, I don’t care about three cucumbers what Peter Schiff thinks about Bitcoin. Bitcoin is not a cult. We don’t have to evangelize the whole world for the Messiah to return and have our judgment day. Bitcoin is not for everyone. Not a good idea for everyone. And it is important not to invest in Bitcoin. Only the fanatics are the ones who want to shove Bitcoin down everyone’s throats.

If Peter Schiff is in the closet using his son to not admit that he really loves Bitcoin, that’s his problem and I don’t really care. This is the far-fetched guess of Anthony Pompliano, who loves these fictions. Now it turns out that Spencer Schiff, a young 18-year-old student and son of our Peter Schiff, is a Bitcoin investor. Peter Schiff started a pathetic male survey on Twitter in which he measured himself against his own son.

According to Peter Schiff’s September 7 tweet, 81% of the 46,000+ Twitter users who responded to his survey preferred the advice of an “18-year-old student who has never had a job” over that of a man with more than 30 years of experience as an investment professional. Unsurprisingly, Cryptotwitter overwhelmingly endorsed Spencer Schiff.

Read on: Peter Schiff Says “I Was Wrong About Bitcoin”

Of course, Peter Schiff has experience. But, What kind of experience? Because experience is often the enemy of progress. Gold beetles are ultra-conservative investors. Peter Schiff has struck gold for more than 30 years, but misunderstood everything else. Gold pendants have been anticipating the collapse of the dollar for decades. How is the dollar today You criticize the way the economy is dealt with. You criticize the central banks. You criticize fiat money. They don’t talk about technology. You are reactionary. They just want a return to the gold standard. You are essentially pessimistic. Gold is a bet on fear. Peter Schiff has accumulated prejudice and prejudice for 30 years.

In the world of investing, optimism offers higher returns than pessimism. For example, in the 1970s, many started a movement called “Back to the Country”. The idea was to leave the cities and work on a farm. Many spoke of a total economic collapse. The idea of ​​the farm wasn’t just a romantic dream of a better life in nature. It was also an economic strategy. In the end there would be food at least on the farm. Gold beetles are always talking about the next disaster.

TONow you can do an extremely simple exercise. 30 years ago $ 1,000 worth of gold versus $ 1,000 in the SP 500 30 years ago. Who wins pessimism or optimism? Gold is the ultimate capital of pessimism. Libertarians and ultra-conservatives love gold for political rather than economic reasons. Bitcoin is luckier with venture capitalists than it is with gold beetles. Why? Because the topics that are going through Silicon Valley in search of the next Facebook do not have the fears of Peter Schiff.

It is clear that gold beetles like Peter Schiff inherently reject Bitcoin. These people still don’t accept the dollar and still yearn for the gold standard. After you, The 19th century was the golden age of progress. A cryptocurrency is simply asking too much of those who are still defending a Neolithic technology.

That said, the rejection of a group of ultra-conservatives for something as new as Bitcoin is understandable. But, Why do so many bitcoiners have a fetish for gold? You just have to compare the two communities. One can go to a crypto conference and then to a gold support conference. A comparative study of the two demographic characteristics can also be carried out. In addition, surveys can be carried out. Why are you buying gold Why are you buying bitcoin?

Read on: Why not compare pears to apples? Why isn’t Bitcoin the “new gold”? Let’s not be so stupid

You don’t have to be a rocket scientist to know that bitcoin and gold are two very different things. The Schiff family proves it. Peter Schiff is gold. Spencer Schiff is Bitcoin. The rebellious young man challenges the dull and prejudicial father. Experience mine behind the scenes. Because of the libertarian trail that lives in many Bitcoiners, they want to enforce an alleged brotherhood between gold and Bitcoin. Many use the narrative of gold in the crypto room in the rhetoric of anti-establishment pessimism. Makes sense?

However, if we ignore the policy for a moment and see the evidence. Bitcoin is more about believing in the future than the past. It’s more innovation than conservatism. It’s more opportunism than pessimism. It’s more belief than fear. The future belongs to Spencer Schiff, the young man who bought Bitcoin against his father’s advice.

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