Bitcoin to euro history

Bitcoin to euro history

Menu IconA vertical stack of three evenly spaced horizontal lines. Jim Rickards is the editor bitcoin to euro history Strategic Intelligence and the author of Currency Wars: The Making of the Next Global Crisis. Jim Rickards: Hi, I am Jim Rickards, editor of strategic intelligence.

Today I’m going to talk today about gold vs. Bitcoin — it’s a very popular debate. I’m happy to say the gold and bitcoin are both forms and money but it’s a liquidity preference which do you prefer in a crisis? Sara Silverstein: So we’ve been talking a lot about gold versus bitcoin, everybody has. How do you feel about bitcoin? Rickards: Personally I’m very skeptical of bitcoin, I know where the price action is.

Although bitcoin could go up to 20,000, it can go to 30,000. It’s on it’s way to zero — somewhere between zero and 200. So it might not go all the way to zero. Silverstein: And why are you skeptical of the price transactions? Rickards: A couple reasons — number one, there’s pretty good evidence that there’s a lot of fraud going on.

Look, every market in the world — gold, silver, stocks, bonds, Libor — every market, you name it. They’ve all been searching to manipulation. Are we supposed to believe that bitcoin is the only market in history that’s not manipulated? In fact, the fact that it’s unregulated is a magnet for all the manipulators who probably were, you know, The Wolf of Wall Street, you know, 20 years ago. So the point is — imagine the following: you and I are bitcoin miners, right?

So I sell you at 10,000. You sell back to me to 10,100. I sell back to you at 10,200. We just traded back and forth all day. We’re trading the same bitcoin back and forth.

It’s just you and me painting the tape. It’s the oldest, you know, the oldest fraud in the book. It’s call a ramp or, you know, whatever you want to call it. But the point is that brings in the suckers from the sidelines and then they buy it. And, of course, what do we care?

We’re miners so our costs — the costs are going up very steeply by the way — this thing is completely non-sustainable. Right now they’re using — bitcoin miners — every year are using as much electricity as the country of Nigeria — a country of 90 million people. Before long will be using as much as Japan, third largest economy in the world. You can say that, that’s the simple extrapolation, but there’s no way the bitcoin industry is going to be allowed to use as much electricity as the country of Japan. But that’s how much you need to mine the bitcoin. Silverstein: And when you talk about the electricity cost and other costs of mining, and some people equate that with the value of bitcoin. Rickards: Yeah that would be like looking at electricity and mining costs, that would be what you call intrinsic value, which is not how we’ve valued anything since 1871.