Cnbc, Bitcoin, Sixty Six Hundred Dollars discussed on Free Talk Live


This cording to cnbc our thanks to only a belief by buyers that there will continue to be greater fools who they can sell the asset to at a higher price and that may be true i mean that may be part of what's pushed up bitcoin price bitcoin has traded near around sixty six hundred dollars early this week according to data from coin desk in two thousand seventeen bitcoin soared from below a thousand two over nineteen thousand in december before plummeting at the start of the year quote he says there's no fundamental value with bitcoin it's all based on the next guy in the next guy get out if you don't wanna lose all of your money because there's a very good chance it's going to crack and when it cracks you're not going to be able to sell on the way down there will be no liquidity so he's scared no because they're asking stock guy about investments and expecting a stock guy to say that other types of investments are good idea i've heard stock guys say things like well bonds aren't actually an investment what are they well because a stock is gonna say an investment means that you need to put money into a company employees are going to work and since you're an owner you're gonna profit that's what it investment is whereas an investments anything that could go up or down in now you involves risk right that's a definition as you define the not as they're going to define it okay i'm just telling you what i've experienced you know when you're asking a stock guy about a commodity in this case it's a virtual commodity and he says there's no fundamental value okay if i decided to liquidate the company there would be no fundamental value however bitcoin as technology has been around since two thousand nine i've been involved since two thousand eleven i have watched the greatest minds on the planet not some huckster who spends eight years in prison for selling a crappy investments but the greatest minds on the planet getting involved in this technology building new infrastructure so no bitcoin doesn't own anything because it's not a company that's right but there are lots of companies that own lots of things that are based on the bitcoin technology correct so it's open source and you don't have to license that thing to say that you know a technology that allows you to move money instantaneously peer to peer without any government or banking interference has no value is ignorance yeah that's what is ignorance willful it's either willful or just straight up ignorance i mean it's just is are they doing this on purpose i think many of these people don't wanna think about it looking we have a functioning currency what are you want a new currency for i want a new currency because people like you fund the the military industrial complex and blow people's wedding parties around the world oh they don't want to have a conversation like that they're not gonna come on this show and defend the fiat government currency system because that'd be foolishness on their part according to the story cbc of course spell fort isn't alone they cite billionaires bill gates and warren buffett similarly criticized bitcoin gates tilt cnbc on squawk box earlier this year quote as an asset class you're not producing anything and so you shouldn't expect it to go up it's kind of a pure greater fool theory type of investment bitcoin anything so you shouldn't expect it to go up which means they produced a better money is what they've done they produced commodity just like oranges just like pork bellies just like go it's not just like those things because you can easily trade this particular commodity you don't if you're going to send somebody oranges then there's packing their shipping there's rotting there's all kinds of problems let's get on the commodity exchange chicago mercantile exchange and you'll find that you can exchange them very easily there's more coming up here in moments the toll free number eight fifty five four fifty free like freedom you can join us here take control of the airwaves on on free talk live every precious every step of the way.

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