• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: DOJ Takes Down Mt. Gox Hackers For Multi-Million Dollar Crypto Theft
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: DOJ Takes Down Mt. Gox Hackers For Multi-Million Dollar Crypto Theft
bitcoin bought by speculators

Bitcoin Bought By Speculators, Not Safe Haven Seekers: Schiff

Martin Young by Martin Young
4 years ago
in Bitcoin, News, News teaser
0

All eyes are back on the world’s largest digital asset as bitcoin price shot up over $10,000 yesterday. BTC appears to have found a little stability in this price range for now, but there are still the detractors that are adamant that it is a speculator driven bubble.


Peter Schiff Back Bashing Bitcoin

The ‘safe haven’ debate has been raging for most of this year as bitcoin lifted itself off the ground to record a gain of over 170% since January first. Traditional old school investors, who prefer stocks and commodities and are largely averse to new technology, continue to berate the digital asset claiming that it has made those gains purely on speculation.

“But don’t believe the hype that this rise reflects safe haven buying, similar to gold. Bitcoin is not being bought by investors searching for safe havens, but by speculators betting that they are!”

As trade tensions rise and the yuan falls, Bitcoin is trading back above 10K. But don't believe the hype that this rise reflects safe haven buying, similar to gold. Bitcoin is not being bought by investors searching for safe havens, but by speculators betting that they are!

— Peter Schiff (@PeterSchiff) September 2, 2019

The fact that both assets have had a sterling year says a lot. Both bitcoin and gold are offshore assets which are immune from central bank meddling and capital controls. As we have seen in China and South America recently, governments have slapped restrictions on what people can do with their own money.

The smart ones will be driven to forms of finance that subvert these monetary constraints. Gold is a good investment, but it is not really practical in terms of ease of movement and cross border transactions. You can’t take a bag of gold through an airport with you. Bitcoin, on the other hand, works much better and by design can be sent anywhere on the planet in minutes.

Safe Haven Debate Continues

Of course, there is speculation with it, as there has been with most emerging asset classes. As Vijay Boyapati pointed out there is speculation on the premise of bitcoin becoming a safe haven.

“Investors are speculating that #Bitcoin will become a “safe haven” (reserve asset) in the future because of its superior monetary attributes (to gold and the dollar). Nothing can go from zero to being the world’s monetary base without speculation.”

Trader and analyst Luke Martin added that in terms of performance, BTC is way ahead. Gold is up around 19% on the year which is a fraction of bitcoin’s gains.

“Bitcoin isn’t a safe haven asset yet, which is fine! In the meantime it can play the “best performing asset while having basically zero correlation to anything else” role in a portfolio.”

Bitcoin isn't a safe haven asset yet, which is fine!

In the meantime it can play the "best performing asset while having basically zero correlation to anything else" role in a portfolio. pic.twitter.com/sJbmrXRQ5a

— Luke Martin (@VentureCoinist) August 28, 2019

Seasoned investors are likely to have a bit of both in their portfolios so the constant bitcoin bashing from reputable investment commentators comes across as a little imperceptive at times.

How does bitcoin stand in the ‘safe haven’ debate? Add your arguments below.


Images via Bitcoinist Image Library, Twitter: @PeterSchiff, @VentureCoinist

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Martin Young

Martin Young

Martin has been writing on technology for 15 years, he has a keen eye for emerging cryptocurrency news, blockchain developments, and market sentiment.

Related Posts

Bitcoin

Bitcoin Takes Center Stage As A Hedge Tool, Backed By Robert Kiyosaki

10 hours ago
Bitcoin

Bitcoin Investors Get Robust Returns In May – How Will Binance Lawsuit Affect Their Gains?

2 days ago
Rare satoshis

Rare Satoshis: The Rising Star In Crypto After BRC-20 And Meme Coins?

3 days ago
Bitcoin Whale Shark

Bitcoin Sharks & Whales Have Bought 93,000 BTC Since April Top: Santiment

1 week ago
Bitcoin

BREAKING: Bitcoin Mining Industry Spared From 30% Tax In US Debt Ceiling Deal

1 week ago
Bitcoin

Bitcoin Taker Buy Sell Ratio At Highest Since Feb, What Does It Mean?

2 weeks ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    1 week ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    1 week ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    1 week ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • AI Investment Goldmine: Discover the 4 Cryptos That Could...

    3 hours ago
  • XRP to Reach $1 While DigiToads Is Set to 100x

    4 hours ago
  • Polygon (MATIC) Debuts Billion-Dollar Gateway, Elevating...

    5 hours ago
  • Ethereum (ETH) Set to Outpace Bitcoin (BTC) in Market Cap...

    5 hours ago
  • Beyond Meme Tokens: Discover Sub-$1 Cryptos with Unleashed...

    5 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.