Bill Parcells won two Super Bowls as head coach of the New York Giants. According to people who know him, he had a saying:
You are what your record says you are.
This is true in all aspect of life, not only football. Of course, there are many realms where quantifying things is rather difficult.
That is not the case, however, with investing. It is a field where there is a track record and the numbers are easy to see. Thus, a win or a loss is easy to assign.
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Peter Schiff is a long time critic of Bitcoin. This is nothing knew, in fact it goes back close to a decade. His outspokenness on the topic is almost comical in light of what took place.
For those who do not know, Peter is a long-time gold bug. He believes that gold is the only investment to be in. Of course, it might be appropriate to suggest that part of his love for gold is the fact that he sells it on his sites, raking in a nice commission for the effort.
Nevertheless, he is legendary for his $5,000 gold call back in 2011. Now that we are in the new decade, it is worthy to note that we are still waiting. Things were looking good for Peter a number of years back when gold ran up to $1,900 but, alas, the pullback stalled all momentum.
Of course, listening to Peter about buying gold in 2011 because stocks were not going anywhere would have cost a lot of money. Yet, there is another call that he made which is even more ridiculous.
Here is a video someone put together that compared $10,000 put in gold in June 2011 versus Bitcoin. The creator was nice enough to put Peter's comments in spelling out his view of "Bitcon".
https://twitter.com/i/status/1215388111443722247
By the way, Schiff is still out there attacking Bitcoin while touting gold.
As the video shows, by the end of 2019, on 12/31, the $10,000 investment in each would show as such:
Gold $9,854
Bitcoin $4,179,876
So listening to Peter Schiff in June of 2011 and putting $10,000 in gold would have netted one a loss of $146.
That is an awful return over an 8.5 year period. However, in light of the opportunity cost, the same $10,000 in Bitcoin would have made over $4.1 million, it is even worse.
Yet this clown still gets recognition and people do not call him a complete charlatan to his face.
If Peter is his record, it is safe to conclude it sucks.
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I usually agree with many of your posts, but any comparison to BTC and anything else in this universe will yield you these unfair stats. Yes, true, but BTC was priced in the penny's, then single dollars, then a few hundred, until the break-out. With any start-up, the percentages are astronautical. Going forward, I do not feel BTC will expand at such multiples in the future. No one could have predicted the FED and their actions over these last 11 years. Once people lose confidence in the FED, then the non-fiat assets will be at a more level playing field........Keep up the good work @taskmaster4450le
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People still listen to Peter because he knows what he's talking about when it comes to the economy. Sure he's somewhat of an old timer, loves gold and rips on bitcoin nonstop, but he's still a very knowledgeable dude. It's only a matter of time until Peter and everyone else come around to bitcoin's immense value.
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