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Peter Schiff Tells Joe Rogan Bitcoin Price Will Hit $1,000

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“They think ‘oh, there’s twenty-one million Bitcoins’, and they think that that means they’re scarce. Well they’re not scarce, there’s so many other currencies out there, and it’s only scarce because… it’s coded to be scarce. Gold is scarce because it really is scarce.”

So said investment broker and financial commentator Peter Schiff on July 17th’s episode #1145 of the Joe Rogan Experience. Schiff fully believes that Bitcoin will drop below $1,000 in the near future, at which point it will disintegrate entirely. Funnily enough, Bitcoin’s recent surge began the same day that Schiff conducted the interview.

“There’s nothing that any other cryptocurrency can’t do that Bitcoin is doing… it doesn’t have any actual value. There’s lots of things I can do with gold that shows it has value…”

Lack of Real Value

Schiff went on to list the myriad of industrial, mechanical, medical and personal uses for gold which give it a real-world value – a value which he says Bitcoin lacks.

“All you can do with it is give it to somebody else. That’s its whole purpose is to give it to somebody else.”

At one point in the interview Rogan reminds Peter of the comments he made earlier regarding the state of the dollar economy, and questions why a crypto-based economy couldn’t be feasible.

Schiff, ever the proponent of small-government, pointed out that it would certainly be possible for the government to issue a digital currency in much the same way that they currently issue paper fiat currency, and that such a move would eventually tighten the government’s grip on the whole economy. Whereas before you could receive a $50 from your neighbour for some yard work and not have anyone know, now all of a sudden it would be tracked.

Fatalistic Predictions

It may seem like Schiff dodged the question by pushing everything towards the government angle, but his answer actually revealed his deeper thoughts on the issue. It’s clear from listening to Schiff speak that he doesn’t even question whether governmental regulators will get their paws on crypto – he naturally assumes it to be the case. He goes back to emphasize crypto’s lack of inherent value, saying:

“I don’t think any of these currencies can ever be stable because there’s no value to stable them. There’s no value to store. The only cryptocurrencies that would work are cryptocurrencies that are backed by a real commodity, like gold.”

What followed was an advert for his own gold-backed value transfer platform, Gold Money.

Coming away from the interview, one gets the impression that Peter is tied to a very traditional ethos regarding what qualifies as an effective currency, and may end up surprised by what’s to come.

With that said, I’m sure everyone reading this would agree that he has a point – after all, people don’t really use crypto as currency at the moment. At least not yet. But a quick glance at the crypto headlines reveals several prominent coins opening up crypto-fiat ATM’s, while online marketplaces are popping up where people can make purchases using crypto just as though they were on eBay or Amazon.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 82 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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3 Comments

3 Comments

  1. Asil

    July 19, 2018 at 7:36 pm

    Schiff stock broker CEO of Pacific Capital Inc. He sounds worried that BTC and cryptos may become a better investment than stocks. Voila his portfolios and investors dwindle and disappear. He has no choice but to belittle any value in crypto.

    • Sam Bourgi

      July 20, 2018 at 1:04 am

      I’m a big fan of Peter but his views on bitcoin are disappointing and shocking, to be honest. So many in the Libertarian community have embraced cryptocurrency as a concept even if they see serious flaws in its implementation. Peter seems diametrically opposed to it regardless.

  2. fractalogic

    September 4, 2018 at 6:33 am

    The handyman working on my house now accepts ETH as payment. When my kids want money, I send them LTC. How is that for currency?

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Analysis

Crypto Update: Coins Turn Lower After Choppy Weekend

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The major cryptocurrencies are slightly lower today in early trading, as Sunday’s modest rally faded away without major technical progress. Most of the coins are stuck in narrow trading ranges, and last week’s spike well above the current price levels, as buyers failed to take control of the market.

That said, we haven’t seen strong negative momentum either, and although the bearish long-term setups remain intact, there is no immediate danger of new bear market lows in the segment.

Patience is still the name of the game for crypto investors, since there is no evidence of a broader trend change that would justify a more constructive investment position. Our trend model is on sell signals across the board on both time frames, and the bearish pressures are still apparent on the charts, even considering the lengthy consolidation period. Given the negative long-term trends, odds still favor a test of the lows in most case, particularly in the light of the lack of bullish leadership.

IOTA/USD, 4-Hour Chart Analysis

While most of the majors are still above the lows hit just before the Tether-turmoil, there are several relatively weak coins that could lead the market lower in the coming weeks. Especially Ethereum, Liteocin, Dash, and EOS point a negative picture of the market, while Ripple and Bitcoin are still the most encouraging form a bullish standpoint, even as they also failed to signs of bullish momentum.


BTC/USD, 4-Hour Chart Analysis

Bitcoin is back near the $6400 level today, after drifting towards the $6500 resistance during yesterday’s rally,  but the coin is still well clear of the $6275 support level, trading clearly within last Monday’s range. Our trend model continues to be on a short-term sell signal, while the long-term picture is still neutral for the largest digital currency.

Traders and investors still shouldn’t enter positions here with further resistance levels ahead near $6750 and $7000 and with support levels below $6275 found near $6000, $5850 and between $5000 and $5100.

Altcoins Slightly Lower as Stellar Fails to Break Out

XRP/USD, 4-Hour Chart Analysis

Ripple and Stellar have been showing some positive signs last week, but they both failed to make significant technical progress, confirming the segment-wide selling pressure. Ripple is threatening to move below the $0.42-$0.46 level, despite the rally above its triangle consolidation pattern, and a break below $0.42 would likely trigger a test of the $0.355 support.

For now, the short-term sell signal remains in place due to the lack of follow-through, and traders should be cautious with new positions. Strong resistance is still ahead at $0.51, $0.54, $0.57, while further, weak support is found near $0.375.

Stellar/USD, 4-Hour Chart Analysis

Stellar is trading very close to the key long-term support zone near $0.24 that has been dominating trading for several weeks, and despite the rally attempts, the coin is still not out of its bear market. That said, should a broader trend change occur, Stellar would likely be among the leaders of renewed advance, but for now, traders and investors should still stay away from the coin.

The declining long-term trend is intact, with strong resistance levels ahead near $0.265 and $0.2835, while support levels are found near $0.235, $0.21, and $0.1935.

ETH/USD, 4-Hour Chart Analysis

Ethereum is still stuck in a very narrow range after the weekend, with the $200 support/resistance level still being in the center of attention. The bearish broader setup is unchanged in ETH’s market, with the coin still being relatively weak among the majors.

Traders and investors shouldn’t open new positions her, with further support found near $180, $170, and $160, and with strong resistance zones ahead near $235 and $260.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 380 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Bitcoin

Bitcoin Price Resumes Narrow Trading Pattern as Bulls Struggle for Momentum

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Bitcoin was back on the defensive Monday, as prices approached a key psychological support following a series of failed rallies last week. The leading digital currency by market capitalization is caught in a low-volatility, low-volume trading pattern that could keep prices firmly contained for the foreseeable future.

BTC/USD Update

The bitcoin price reached a low of $6,410 on Monday, according to CCN, before rebounding modestly later in the session. At the time of writing, BTC was down 1% at $6,473, according to CoinMarketCap. Prices reached a high of around $6,552 over the weekend.

Bitcoin continues to trade at a premium on Bitfinex, with the digital currency now offered at $6,587.

At current values, BTC is capitalized at $112.3 billion for a 53.7% share of the overall market. The combined value of all digital assets in circulation hovered near $209 billion at the start of Monday. Trade volumes across all cryptoassets reached $10.8 billion.

Low Volume, Low Volatility

Bitcoin’s price action has narrowed significantly over the course of the year, as the introduction of futures trading helped markets stabilize following an adrenaline-filled 2018. Although BTC continues to trade at roughly a third of its all-time high, it has carved out a firm price floor and has exhibited much lower volatility than in previous years.

The sharp decline in volatility can be highlighted by the bitcoin volatility index, which tracks daily fluctuations in BTC’s open price. Over the past 30 days, bitcoin’s volatility index has averaged 1.81%, according to Bitvol.info. This number represents the extent of BTC’s average fluctuation over that period.

Of course, the sharp drop in volatility isn’t all positive news, especially for day traders and speculators of virtual currency. For bitcoin, declining volatility also means a sharp drop off in daily trading volumes.

Daily turnover in BTC approached yearly lows on Sunday, hitting a low of around $3.1 billion, according to CoinMarketCap. For sustained rallies in bitcoin to occur, trade volumes of at least $4 billion are generally observed.

A lack of clarity on the direction of bitcoin and the broader market will likely keep price action limited over the short term. However, as we’ve observed repeatedly this year, prolonged periods of narrow trading ranges are often followed by sharp pullbacks in the market. This was observed earlier this month before a sudden selloff of Tether (USDT) propelled bitcoin sharply higher.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 649 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Altcoins

Minor Bounce Lifts Crypto Market Cap Above $211 Billion; Tether Circulation Plummets

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Crypto prices traded modestly higher on Sunday, as bitcoin regained its footing above $6,500 and major altcoins avoided further losses.

Market Update

The cryptocurrency market capitalization on Sunday peaked at $212 billion, the highest in five days. At the time of writing, the market was valued at $211.5 billion.

Most assets ranked in the top-20 had reported minor gains over the last 24 hours, a period marked by lower trade volumes. The bitcoin price has returned above $6,500 on trade volumes of just $3.2 billion. The leading digital currency continues to trade at a premium on Bitfinex.

Meanwhile, Ethereum rose half a percent to $206. XRP also climbed 0.5% to $0.459. Bitcoin cash was last seen trading above $449 for a gain of 1.6%.

Stellar XLM was the only top-ten coin not to report gains at the time of writing. However, the no. 6 coin by market cap has returned more than 13% over the past week, far outpacing the broader market.

Trade volumes have declined steadily over the past week, as markets re-balanced following a sudden spike on Oct. 15. Digital exchange volumes have fallen to $9.7 billion on Sunday, according to CoinMarketCap.

Tether Market Cap Plunges

Since the start of October, Tether has pulled more than $600 million worth of USDT out of circulation, leading to a sharp drop in the stablecoin’s market cap. Cryptocurrency exchange Bitfinex, which is run by the same executive in charge of Tether Limited, appears to be leading in the offload of USDT tokens. As CCN recently reported, Bitfinex has initiated six transfers of USDT funds to the Tether Treasury this month. The latest transfer was initiated on Wednesday when Bitfinex sent 50 million USDT to the Treasury.

Most of the outflows from Bitfinex occurred long before USDT lost its peg to the dollar in a single-day crash on Oct. 15. USDT briefly fell below $0.90 that day before quickly recovering around $0.94. Currently, one USDT is equivalent to $0.984 U.S., according to CoinMarketCap. Some exchanges are quoting USDT as low as $0.96 on Sunday.

The sudden decline in Tether’s circulation comes at a time when the company is facing heightened scrutiny over its dollar-backed reserves. An influx of alternative stablecoins offering greater transparency and regulatory oversight may also be undercutting demand for USDT.

Case in point: the Gemini Exchange’s GUSD stablecoin reached a high of $1.19 on Tuesday before settling around parity against the dollar. Unlike USDT, the Gemini Dollar has obtained regulatory approval from the New York Department of Financial Services. On the opposite side of the spectrum, Tether has been subpoenaed by federal regulators over its connection with Bitfinex and failure to prove its dollar reserves.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 649 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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