It's Not A Question of "Schiff" But When...
So I saw a post yesterday from Hive's favourite mannequin @hivelander which showed how the market cap of Bitcoin is rapidly moving up the charts according to this website which compares assets and companies' evaluations. As you can see, as of today (18th Feb 2021) the market cap of BTC is nearly at $1 Trillion having passed Facebook and Tencent:
An outspoken critic of Bitcoin since its inception has been precious metal dealer and gold "shiller", Peter Schiff. All you have to do is scroll down a little bit on his Twitter profile and you'll see what I mean! The debates between him and BTC maximalists such as Max Keiser often offer up plenty of entertainment, one of the spats from a gold vs Bitcoin debate in 2017 was quite memorable in the Bitcoin community - the point where Max Kaiser loses it trying to explain to Peter is at 28:48:
Change In The Air
However, I do believe that we're now seeing awareness of Bitcoin drastically increase amongst the general population as my friends and family are now asking me about it and sharing links to articles they found about it. Most of the time it's from mainstream media which has its own agenda as described eloquently by @raj808 in his latest outburst. This awareness of people asking questions and more importantly, getting involved and buying it is the first step that I hope many of my friends and family will make.
Looking at the value of 1 Bitcoin (currently a breathtaking $51,500), they understandably want a piece of the action but just how far can Bitcoin's marketcap go? One article from CNBC points to even more euphoria of $1 million per Bitcoin at some point in the 2030s which would basically dwarf the market cap of gold! A lot are tipping 6 figures by the end of the year as a so-called "wall of money" is entering in 2021 as described by RealVision CEO Raoul Pal in a recent Rich-Dad Podcast.
There's so many big companies with deep pockets now getting involved with BTC and the richest man in the world, Elon Musk, has allocated $1.5 billion worth of Tesla's balance sheet, which has seemingly woken up the world to crypto. Now BlackRock's CEO is saying they are "dabbling in crypto" according to this tweet - they only have a few trillion dollars on their balance sheet apparently, imagine 1% of that going to BTC! Despite that, Peter Schiff is still totally dismissing it, saying it will go to 0 countless times over the last 12 years. Even his own son on Twitter is in on Bitcoin!
So, with all this, do you believe it's a question of Schiff not when BTC overtakes gold's market cap or is BTC on an unstoppable mission? Let me know your thoughts in the comments below!
Stack it easy!
Nicky
P.S. 5% beneficiary set to @hivelander for the inspiration for today's post
Originally posted here
https://twitter.com/NickyHavey/status/1362391638933397508
My wife is more in-tune that most about blockchain, but she still shares stories with me when she comes across them. It is pretty cute. It is exciting all of the pieces finally starting to fall into place.
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I love it mate haha! When my friends and family share articles with me it feels great that they are making their own research and creating their own experience with it! We can be their gurus and vice versa - all about sharing knowledge
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For sure!
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Total Bitcoin available to be mined is 21 Million, BTC is divisible according to use and value making it able to store an unseen value. Remembering bitcoin is not in itself the value, it is in the technology where the value lies.
Total Gold well depends on how much is still underground, value it holds, ability to move it around.
(Mined approximately 197,576 tonnes, 33.000 tonnes approximate estimate not yet mined working on estimates.)
My feeling is for quite some time into the future both with be held and stored as an asset value, in time I do believe the blockchain FinTech will take over moving many to the newer technology.
@tipu curate
Upvoted 👌 (Mana: 83/112) Liquid rewards.
I'd also go further to say the additional value is in the network and the people who believe it has value too with regard to Bitcoin. We know exactly how much there will ever be a maximum of as you say and this can never be changed. It's got a very predictable path with the halving every 4 years and is globally maintained.
Agree with you on gold, there still could be more untapped, perhaps more than anyone realises so it is an unknown. Granted, it does have some physical properties as a metal. Jewelry, gold coated surfaces for anti-corrosion...
There is definitely room for both gold and Bitcoin to be held as a store of value but to totally dismiss Bitcoin now seems a little silly!
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Gold or Bitcoin both good assets to hang onto. Hopefully long term people will start seeing the value in both old and new.
New technology is really what got me interested in Bitcoin. First impressions was seeing how we were being raped by banking fees when most are no longer doing a person to person service, they too run servers and attempt to keep savings 'safe'. Might as well do it yourself in crypto, unfortunately fees are becoming more of an issue as well.
Well said Joan! Yes fees right now are a bit of an issue for making small transactions with BTC and ETH, folks like us probably just have to hold a little longer until 2nd layer solutions with BTC come along or ETHs Proof of Stake improves them. Still, you can put the crypto to work and earn from it whereas banks offering next to 0% in the UK or worse in other countries!
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Lol whenever Pete Tweets it’s a bullish sign for Bitcoin so buy
Haha, he is the anti-bear! Pretty sure I saw a chart somewhere from that documentingbitcoin account on Twitter that had a time stamp of all his tweets and what happened to BTC after!
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Cheers for referencing my outburst my friend. One day, when the crypto revolution has happened I hope my crypto rants might become a mainstream staple of anyone needing a healthy does of crypto-crazy. Speaking of which...
😂 Max Kaiser going batshit crazy is funny AF
A lot are tipping 6 figures by the end of the year as a so-called "wall of money" is entering in 2021I completely agree with this and my target is 200-300k. I recently discovered an interesting indicator that shows how bitcoin can reach that 6 figure mark, and also has a 100% historically accurate method of calling near to the top. I know you've talked about hodling for 10 years, but honestly, I'd take a gander at this indicator I'm going to highlight in my next post. At the end of the day if you sold 1 BTC at 200k and bought back at 70k you'd end up with nearly 3 bitcoins for that 1 million/BTC target for the 2030's.
I'd never seen that interview with Schiff before, although I am aware of him. Thanks for the lols Nicky
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Hahaha, definitely mate, that was some pure gold (no pun intended)!
Is that the Plan B S2F model or something else? All I can say is, I'm interested, tag me in your next post!
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You will have to wait and see.. but no 🤣 it isn't Plan B S2f.
Sure, I'll tag you in when it drops.
Schiff is the sound that comes from a beer bottle when you open it. I'll drink to Bitcoin tomorrow when I drink my sauna beers.
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Haha! Too right and we'll be making that "schiff" noise as we open our beers! Cheers!
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Great article!
Thanks for the mention ;-)
Reaching Silver will be huge... and the up to the top ;-)
No worries man, thanks for inspiring this one! Can it be done this year? Or are we holding out for 2025?
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1T finally!
https://companiesmarketcap.com/assets-by-market-cap/
It really is a question of "when" 😃