milesfranklin.com / by Andrew Hoffman / Mar 6, 2017
As both a competitor and peer of Miles Franklin in the retail bullion industry, Peter Schiff has, like myself, been a vocal Precious Metal advocate. We have differing views on the risk/reward profile of mining shares, but agree 100% about the fundamentals of; and reasons to own; physical gold and silver. Moreover, he is unquestionably, in my view, the most talented economic and political analyst in the financial blogosphere.
Lately, Schiff has been extremely vocal about his hatred of Bitcoin. Which, as gold advocates, hoarders, and “bugs” alike are well aware, surpassed the price of gold this week – catalyzing the same anti-Bitcoin vitriol as in early 2014; when, just before the Mt. Gox collapse, the price of the then nascent, and widely unknown Bitcoin came within a hair’s breadth of the gold price. To that end, comparing gold’s “price” to Bitcoin’s is logically speaking, patently ridiculous – as gold’s $7 trillion “market cap” is approximately 350 times Bitcoin’s $20 billion. In other words, for Bitcoin to truly be worth “as much as gold,” it’s per coin price would need to be around $450,000.
Moreover, I am NOT specifically endorsing speculation in the
Read more ... source: The Bitcoin Channel
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