Neosify - Buy, Stake & Earn Crypto
Neosify - Buy, Stake & Earn Crypto
Neosify - Buy, Stake & Earn Crypto

Don't Lose Your Schiff - Bitcoin is for Hodling

A good blog post is just like a good fart. It all starts with what you digest. Tonight, when I saw Schiff's latest Tweet, I knew I had to do a write-up on it. Anyway, here's what it all started with:


Now it's very true -- Schiff was definitely right about about selling Bitcoin above $60k. So, what's the issue? He is constantly harping for people to sell their Bitcoin. He doesn't seem to get the concept of hodl; he can't even spell it right. Schiff believes that Bitcoin is worthless. If that's the case, why not send one out for free?


But really, he was bound to be right eventually as his calls to sell came out as Bitcoin kept making new highs in 2021. My assumption is that he is simply threatened and very triggered when people started calling Bitcoin "digital gold." In addition to being a highly volatile & speculative currency, Bitcoin is in fact a store of value but not for the faint of heart.

If you take a look at a comparison chart, Bitcoin has outperformed gold over the past three years:


Bitcoin has also beaten out gold, year-to-date:


Now, over the past year, gold has been the clear winner as BTC has tumbled from its all-time highs:


Which brings me to my final point I'd like to make: Bitcoin and gold are two completely different animals. It's like investing in a blue chip value stock, say Coca-Cola ($KO), versus a high-flying tech growth stick, say Amazon ($AMZN). Coca-Cola is a less volatile, steady investment whose price isn't going to move much either up or down. Amazon, on the other hand, will bring huge gains but also crash hard when the overall market tanks. Still, if you compare the two stocks, guess which one is the better performer over the long-term:


Now yes, I did have to zoom out to a 10-year view here to make my point about likening Coca-Cola vs. Amazon to gold vs. Bitcoin. Also, admittedly, anyone who bought Bitcoin above $23k is no doubt not pleased with their investment right now. But true hodlers just don't give a Schiff. The fact of the matter is that the "buy and hodl" strategy for Bitcoin has proven to be the best way to go; as it continues to make new highs every bull run and establish higher lows along the way. 


Don't forget the Peter Schiff's SchiffGold is a gold dealer, who makes money selling gold to investors. He has a vested interest in publicly trashing Bitcoin and pumping gold.

Final word -- gold is a fair, relatively stable investment and shown to gradually appreciate in value over time, through periods of tough economic times. It has a long track-record and has proven to be a store of value. Bitcoin is much more speculative and volatile, newer, and does not have the proven history gold has. On a price percentage comparison, however, BTC has outperformed the precious metal since its inception.




Why I even bother following what Schiff has to say is beyond me. I really shouldn't take Schiff so seriously. 

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dot com boomer - writing mostly on crypto, stocks, entertainment, etc.

Esoteric Selections
Esoteric Selections

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