Bitcoin - Don’t Fall for Fool’s Gold
Bitcoin: Digital Gold? Fools' Gold says Peter Schiff ; Like Tulip Mania says von Greyerz
The libertarian views of economist Peter Schiff probably allign well with many users of bitcoin. Unlike fiat currency, the supply of bitcoin is limited and it is not controlled by central bank and government. Is this not what libertarians want? Peter Schiff responded to bitcoin being described as digital gold, by calling the cryptocurrency 'fool's gold'.
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Peter Schiff has been a constant advocate for the yellow metal. "I can melt is down and wear it as a chain around my neck" if people will not accept it as money is what he said.
Egon von Greyerz of GoldSwitzerland has likened the rise in the price of cryptocurrencies to the world's first major financial bubble, Tulip mania. They could rise more but they will eventually come down was gist of what he said.
Today the price of bitcoin broke through US$4000 for the first time. There is nothing backing it, not even a government; its value is maintained by the belief that the price will rise further or people will accept it as payment for goods.
I would like to see goods and services priced in bitcoin. I am sure this time is not too far away.
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There is nothing backing the FIAT money too. Its based only on trust.
If nobody accept USD, the USD will drop.