IS THIS THE END OF THE CRYPTO CRAZE?
It’s been a difficult last few months for the crypto community. More than $1 trillion in value has been wiped out in the crypto world recently. This may be the reason Dan Bongino invited Patrick Bet-David to debate Peter Schiff on his show “Unfiltered with Dan Bongino,” on Fox News.
Many are wondering if “this is the end,” or if there is light at the end of the tunnel.
Peter Schiff, an economist at Euro Pacific began the discourse by expressing his beliefs that Cryptos are nothing more than a pyramid scheme.
He does not believe that we have “hit the bottom,” however, he does hope that it’s the beginning of the end before more people lose their money.
Schiff stated that the “value” of Bitcoin is essentially non-existent.
Schiff says, “It’s just market value. There’s no real value in Bitcoin or any of the other cryptocurrencies. They simply have a price. And as long as people are foolish enough to pay that price, uh, you’ll have market value.
The only reason people want any cryptocurrencies is because they think they’re gonna get rich. They think there’s a greater fool out there that’s gonna pay a higher price. Only, they don’t realize that they’re waiting for a fool. And ultimately the fools that are left holding the bag are the losers.”
“Unfortunately, there’s a lot of people that are gonna be bag holders in this. I think a lot of the original investors, the whales, they’ve been dumping. I mean, they pumped this thing up. They paid off all these celebrities and athletes and politicians and they hyped the hell out of it. Over the past year, they spent all sorts of money on commercials and conferences and they dumped out all this stuff to the public, and they were cashing out and now the bottom’s dropping out of the market and we have a long way to fall…”
Patrick responded, saying that Peter may be right but it’s too early to tell.
He believes that it’s important to recognize the fact that the younger generation does not trust the fed.
Since our money is not backed by gold, it’s pretty much worthless.
He says that “the younger generations want to take it in a different direction because they no longer trust the centralized monetary system.
They want it to be decentralized. For us to be thinking about the end outcome and “who is right,” it’s going to take about 12 to 24 months, maybe 36 more months for us to know for sure.”
Patrick emphasized the importance of paying attention to what the youth is saying because they just may be right…
On June 5, 1933, the United States went off the gold standard, a monetary system in which currency is backed by gold, when Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold.
President Franklin D. Roosevelt seized gold from citizens in America. Of course, they were compensated for it, but all citizens were required to turn over their gold to the government.
Watch the full interview with Patrick Bet-David, Peter Schiff, and Dan Bongino here.
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