Michael Sailor, Bitcoin, Twitter discussed on The Peter Schiff Show Podcast
What michael sailor said was his prediction. Is that gold is going to zero. And he said that anybody who is buying. Bitcoin and gold is a fool because they shouldn't be buying any goal that all that there's no point in even having a small allocation a gold that gold is totally worthless and bitcoin is made it obsolete and that gold is going to zero. It seems that. Michael sailor is confusing goal for bitcoin. It's bitcoin that's going to go to zero not gold. I mean why would go to zero. Even if bitcoin succeeds wide is gold half to fail. I mean certainly. Gold has been a valuable precious metal for thousands of years. Goal was very valuable before it became money even if it was demonetized by bitcoin. Why should it be worthless like people are going to walk around and that they look down and there's a bar gold on the street they're just gonna keep on walking and not even bother to pick it up because it doesn't even have value as a paperweight is completely worthless. Gold is the most useful metal on the periodic table. it will always have value. it will never be worthless. even if bitcoin succeeds. Gold does not fail. But you know this just shows you. How irrational these bitcoin. Proponents are to the extent that they think gold is going to zero. And one of the things that michael sailor said to convince the people listening on twitter and there were thousands and thousands of people that were listening. I forget how many but he said that goal is down over the last year the goal is down over the last ten years and that therefore it is not an inflation hedge. It has proven that it's not an inflation hedge because it is down over the last ten years or the last year. That is a very subjective timeframe to pick because if you go over the last twenty years gold went from under three hundred to eighteen hundred where it is now. that's a sixfold increase. Sounds like a inflation hedge to me in fact if you go back a few years ago. Gold was at one thousand fifty in two thousand fifteen. So it's up. Eighty percent almost in the last five years. Sounds like a pretty good inflation hedge over that timeframe. What michael sailor likes to do is cherry pick the timeframe during which gold went down and contrast that to bitcoin to prove that bitcoin is the real safe haven inflation hedge and gold is now obsolete the reality is. Bitcoin is not going up because it's an inflation hedge. Bitcoin is going up for the same reason. That peleton went up. It went up..