Bitcoin Is Nothing Like Gold – Ep 694
The Peter Schiff Show Podcast
Peter Schiff
4.7 • 5.8K Ratings
🗓️ 22 May 2021
⏱️ 57 minutes
🧾️ Download transcript
Summary
* Rotation continues from momentum to value as Bitcoin investors turn to gold.
* China is the excuse, not the reason for the Bitcoin bubble bursting.
* This Crypto Winter may be the longest and most brutal of all.
* Dave Portnoy shills Safemoon gimmick.
* Coinbase may be the biggest failure vs. expectations of any IPO in history.
* Crypto crash ushers in bear market for Tesla, Square, Microstrategy, Riot Blockchain, Galaxy Digital.
* Gold is in a solid bull market making new highs.
* Paul Krugman is right on Bitcoin and wrong on gold.
* The US is now officially a Banana Republic without the bananas.
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Transcript
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| 0:00.0 | I like to thank Ladder for supporting my podcast. |
| 0:12.3 | Ladder makes it quick and easy to get covered for life insurance. |
| 0:15.7 | So check out Ladder Today to see if you're instantly approved. |
| 0:19.3 | Just go to ladderlife.com slash gold. |
| 0:23.5 | The rotation from momentum to value continues. |
| 0:28.2 | The Dow Jones up 123 points on Friday. |
| 0:32.5 | Although at one point, I think it was up closer to 300. |
| 0:36.0 | So finishing off the day highs, but clearly in the black, up about 0.36 of a percent. |
| 0:44.0 | In contrast, the NASDAQ was down on the day, 64.75 points just under a half of 1%. |
| 0:54.0 | But I really want to focus on another part of the rotation out of momentum into value as |
| 1:03.4 | it applies to the move out of Bitcoin and into gold, which continued on Friday. |
| 1:11.3 | In fact, Bitcoin came under a lot of selling pressure. |
| 1:15.3 | They're blaming it on news out of China that China is going to be cracking down on Bitcoin |
| 1:20.6 | mining and Bitcoin trading. |
| 1:22.9 | But you know, all of these China rumors have been going on the entire time that Bitcoin |
| 1:28.2 | was going up. |
| 1:29.5 | So I really don't think that China is the reason that Bitcoin is going down. |
| 1:34.8 | It may be the excuse because whenever the markets are moving, the media is always trying |
| 1:40.0 | to figure out what's to blame or come up with an excuse. |
| 1:43.5 | But if it wasn't China, I think it would have been something else. |
| 1:46.8 | I think Bitcoin was going to go down regardless. |
| 1:50.1 | And so they're looking for something to blame it on rather than accept reality that the |
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