r0ach
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August 01, 2017, 07:05:55 AM

Michael Pento says metals will have broken all time highs by late 2018 and bitcoin useless:

https://youtu.be/U3qHMPgYy4c?t=1432

His quotes:
"That's the beauty about gold... it's extremely limited in supply" [as if bitcoin's aren't??]
"...and neither of those attributes [such as limited supply] can be said about ANY digital currency" WTF??

I happen to like Mike Pento, but he really needs to do some more research on Bitcoin before he makes such statements.

He's not stupid, he knows there's 900+ craptocurrencies and there's more incentive to create your own new pump and dump like Ethereum rather than be forced to buy someone else's already cornered scamcoin.  There will always be a market incentive to create new coins as well rather than people paying $5, $10, $100, or $1000 transaction fees.  The greater fool concept only works if people actually need what you have.  

If Elwar corners all 21 million bitcoins, guess what?  It doesn't mean anything to me.  I can just ignore him and go on with life and use metals or create my own craptocurrency to bypass him.  If I corner all $40 billion or so of above ground silver, you don't get to bypass me since it's actually a non-virtual good that's used in lots of things.  A "virtual commodity" as a concept definitely ranks up there as one of the biggest economic scams of all time.

No, he's pretty stupid if he thinks gold will outperform bitcoin lol  Roll Eyes

The market cap of above ground silver and bitcoin is similar now.  Bitcoin is no longer some cheap penny stock.  The US gold vs debt chart with 92% correlation shows gold will hit at least $2200 in the next bull run, which would bring the GSR to 30:1 or lower ($73 silver).  Bitcoin would need to hit $12,000 to compete with that almost guaranteed silver upside in the near future.  

But that's a very conservative number for just a stable market situation.  In a real crisis situation and rush to hard assets, gold would be more like $5000 and $166 silver or more.  Or a government metals revaluation of gold to $10k and silver to 1:15 ratio of astronomically high numbers like $600 silver.  Bitcoin would need to be able to hit $100k each to compete with that possible silver upside.  It will never happen.  Big corporations will just create their own scamcoins and try to force people into them and the crypto market cap will be divided up between 50 different coins (also due to poor scalability and high fees), unlike the metals market where you can't just "invent" a new gold or silver and are forced to buy the real thing.