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Bitcoin Investors Will Eventually Get Wiped Out - Peter Schiff
More people own bitcoin at a loss than at a profit, this according to Peter Schiff, CEO of Euro Pacific Capital.Speaking on the sidelines of the Vancouver Resource Investment Conference he said, “the number of people who bought into the market at $12,000 [a coin], $13,000, $14,000, is enormous…people had no idea what they were doing.”Schiff added that if bitcoin doesn’t rebound from current levels, then “the brand is tarnished,” and success stories about investors having made millions off the cryptocurrencies will change to people losing all their investments. “Bitcoin is all based on faith, and when the confidence goes, all the value goes,” Schiff said. “There are a lot of people that refuse to sell because they think it’s going to a million, in the end it’s all going to be wiped out.”On Thursday, bitcoin was last trading at $11,210 a coin. (show less)
More people own bitcoin at a loss than at a profit, this according to Peter Schiff, CEO of Euro Pacific Capital.Speaking on the sidelines of the Vancouver Resource Investment Conference he said, “the number of people who bought into the market at $12,000 [a coin], $13,000, $14,000, is enormous…people had no idea what they were doing.”Schiff added that if bitcoin doesn’t rebound from current levels, then “the brand is tarnished,” and success stories about investors ... (read more)
Daniela Cambone
Editor-in-Chief
Biography
With over a decade of international experience, Daniela Cambone covers prominent industry events and interviews a number of leading analysts, financiers and political leaders for Kitco News. She began her career covering the Canadian financial and insurance industry and later worked in Europe covering the political and financial scene for the International television station, Press TV. Daniela holds a BA in Broadcast Journalism and an MA in Journalism & Communications.Disclaimer: The content on this website, including, without limitation, news, videos, interviews and commentaries, is provided by Kitco Metals Inc. ("Kitco") for informational purposes only and is not intended as any form of advice, whether legal, accounting, investment, financial or tax advice. Therefore, it cannot be relied upon as such. Should you require such advice, contact a licensed professional. The content provided herein is provided on an "as is" basis without any warranty of any kind, whether express or implied and your use of the information provided in said content is entirely at your own risk. In no event will Kitco be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content on this website.
