Ah yes, whoever this guy is, this meme sums it up perfectly:
Bitcoin ATH pic.twitter.com/q7L15Ityrc
— Haseeb Awan – efani.com (@haseeb) October 20, 2021
The music is good in a if I had 6 martinis and wanted to laugh at the end of our Republic for 2 minutes sort of way.
The funniest thing is that Peter Schiff actually thought that standard economic rules still apply. You know, crazy things like a non-corrupted central banking system, gold being a store of value outside of Asia and Russia, and bubbles popping due to inflation. Sorry Peter, I agreed with you to a point, but once homes worth $25,000 were selling for $300,000, I knew the game was up. And it has only gotten progressively worse since.
The Fed can take brass plated dog crap and make it worth millions, which isn’t a bad idea for a NFT.
But this isn’t about hammering Peter again, it’s about the Bitcoin faithful. The Crypto zealots who are smart are getting paid and those of us who had faith in the basic rules of any economics are 100% wrong. Yes, the bubble will pop, but today it’s the champagne corks popping for those who believe in the digital version of religion:
Thus since Jay Powell became Federal Reserve Chair in 2018, $BTC has hit not one, but two all time highs, just like the stock market.
Which begs the question:
Do bubbles that inflate together, deflate together?
Time will soon tell.
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