No one seems to be enjoying this latest crash more than Peter Schiff, the infamous nocoiner. But how serious is he about his Bitcoin hate? And what does that have to do with Squid Game?  #Microstartegy is down 31% so far in 2022, wiping out all of 2021's 40% gain. $MSTR is 71.4% below its […] The post Bitcoin, Peter Schiff, And Squid Game appeared first on CryptosRus.

Bitcoin, Peter Schiff, And Squid Game

No one seems to be enjoying this latest crash more than Peter Schiff, the infamous nocoiner. But how serious is he about his Bitcoin hate? And what does that have to do with Squid Game? 

Many of you have watched Squid Game by now, but even if you haven’t, don’t worry, I’m not going to spoil any plot points for you — just the theme.

The overarching point of the hit Netflix series is that what separates the ultra-rich from everyone else is boredom. I’d argue that there is a universal truth in that. What happens when there simply is no more mountain to climb?

Life becomes a yawn.

Perhaps unlike in Squid game, in real life, the quote-unquote elite don’t watch poors shlep to their death. The reality is much less sinister and way more boring. It kind of looks like Peter Schiff’s Twitter feed.

I know that referring to Peter Schiff as an elite is a stretch. And I can certainly imagine that if he reads this, his face will redden — he would be the type to ignore the Squid Game part — but I’d rather not have to waste too much copy on parsing out his insignificance on a global scale.

The truth is, though, Schiff is very rich. Sure, he made that money by fearmongering grandpa and grandma into investing in gold — and perhaps through other means — but whether it was by hook or by crook is irrelevant. What we know for sure is he’s got a lot of money and tweets things like this:

“Bitcoin’s orderly fall continues as the faithful hold strong. The low so far is $34K, just over a 50% decline (40% in 2022 alone.) Pumpers who once touted #Bitcoin as being a non-correlated asset now justify its collapse based on everything else being down too. $Gold is not down!”

There’s a lot wrong about that statement. Though, I’ll start with what he got right. It’s true: Bitcoin is a highly correlated asset. That idea being out there in the ether that Bitcoin is not is very much a failure of marketing — many of the Bitcoiners who hate gold seem painfully oblivious to copping its claims. But that doesn’t mean that Bitcoin is a bad investment, which is what Schiff wants to argue.

Unlike Gold, Bitcoin does outperform the greater market when things are going well. So as long as you have a multi-year time horizon, you’d have to be bereft of any brainpower to suggest gold is a better investment. But Schiff does so nonetheless.

Another recent doozy of Schiff’s:

#Microstartegy is down 31% so far in 2022, wiping out all of 2021’s 40% gain. $MSTR is 71.4% below its Feb 2021 high. Even though @saylor ‘s #Bitcoin gamble briefly resulted in more than a 150% gain during the first two months of 2021, that gain has since turned into a 3.25% loss!

Here Schiff omits the very obvious fact that, even after the incredible fall in price, Microstrategy is worth more than double than it was before putting Bitcoin on its balance sheet. Gold hasn’t had that kind of rise in value.

Then there is Schiff’s insistence, back in December, that El Salvador’s President Nayib Bukele was losing his country money with his Bitcoin dip buying. Simple math proved he was wrong. 

In all those examples, it’s rather obvious he’s neglecting obvious facts that would disprove his thesis. Is he bad at formulating arguments? Sure, it’s possible that cogency is not his thing. But I’m far more comfortable with pointing out how gleefully he Tweets out his malformed thoughts. Case in point: his use of exclamation marks — both tweets quoted in body end with one.

What kind grown man uses exclamation marks to end his Tweets? The kind that needs something to pass the time with.

Recommended: Peter Schiff’s Son Admits “My Dad Was Right All Along” About Bitcoin Going To Zero

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