In one of his Q&A podcasts (https://www.youtube.com/watch?v=K_rtWh6QxWU) Peter Schiff, the famous trader who predicted the crash 2008 and the one 2020, who was also an advocate of Bitcoin, now says that Bitcoin will probably collaps, too.

According to him, the crash came even earlier and heavier than he anticipated. Due to the measures which have been taken to contain the Coronavirus the economy is taking an almost unbelievable strong hit.

Creating money to bail'em all out won't solve the problem, as you probably know already.

Isn't that good for Bitcoin?

The reason why he doesn't advocate Bitcoin anymore is because it is not adopted and works as currency, yet. Gold and silver is the only real money. He describes the crypto market as place where people tried to get rich and now it's over.

The consequences of this world economy crisis will hit so hard, that some of us (I talk about decadent western citizen like me) might even have times starving or not having electricity/internet and worse.

Imagine everything collapsed and someone wanted to buy eggs from a farmer with Bitcoin. The farmer has maybe heard of it but doesn't give a sh** about some code he cannot use for real life purposes and he doesn't know if any other person believes that Bitcoins have an actual value. Sounds logical, right?

But what if there is not enough gold?

When I realized that I had to act very fast now I wanted to buy more gold and silver. But here in Germany you can't buy gold right now. The shops have closed and even online shops are out of stock.

Luckily the price of gold doesn't reflect this demand, yet, and I hope there will be another chance to get a little bit.

But nevertheless there will be a lot of people with a lot of money who realize too late, that their Euros are losing their value so fast that they have to act. What if the gold supply stays low, everything else is in a bubble? What should you buy? Bitcoin.

Peter Schiff is very well educated and I value his opinion, but maybe he's wrong this time. I guess he's right and I'm wrong but:

When you're invested in Bitcoin you have only the choice between

• hodl
• sell and buy gold/silver
• sell and hodl fiat

When you have other assets and enough liquidity for living you could take the risk and hodl.

When you have only Bitcoin or other cryptos as assets and you're not sure about your liquidity flow in the near future it could be wise to sell some and buy gold/silver.

Hodling fiat is now only necessary in minimum amounts. So exchange everything you don't need in real assets, even whiskey is an investment.

Of course this is only my opinion and not financial advice. I highly recommend listening to the channel of Peter Schiff when you want to understand the whole economic situation. Then you might know if you want to change your plans.

Thanks for reading and comment if you like :)