I listen to the videos where Peter Shiff argues against Bitcoin. This usually bright individual seems not able to come to terms that there is value in Bitcoin. He seems angry or jealous that the market price of Bitcoin has risen so far. He might be only interested in calling a top in price and add another “correct call” to his belt.
It is sad because many who questioned the world of money after 2008 learned a lot listening to him.
What I think Peter Shiff is overlooking:
Bitcoin is more rare than Gold. There are less Bitcoin in the world than oz of Gold above ground. (165,000 Metric Tons – Number Sleuth) 32,150 oz in a Ton x 165,000Tons = 5,304,750,000 oz of gold vs 21,000,000 Bitcoin. So the market cap of Gold is still higher than the market cap of Bitcoin. It is also harder to move the price of gold. I would guess that some want to increase their investments multiple times and that is not very likely in gold without a great sum of money.
Making another crypto currency does not necessarily take anything from Bitcoin. You can’t fake Bitcoin with someone who is experienced at using the real thing. Some Crypto is mere pennies and dollars, that might be worth the time and effort of the network that has been created.
Not everything that is worth something is physical. There are ideas, data sets, contracts, and agreements. They are worth something.
Small investments are good. Smart investors try to look ahead and invest in ideas ahead of their time in hopes of large returns later I think Mr Shiff is missing the boat on even the Bitcoin copies that could be invested in for pennies on the dollar and bring greater diversity to people’s portfolios. I also like the idea that you can be involved in projects that can help the use and adoption of your favorite coin.