Peter Schiff: Bitcoin Heading To $0, Many Bitcoin Investors Will Lose EVERYTHING

Investor Peter Schiff is warning once again about Bitcoin’s massive speculative bubble. Schiff, who is well-known for predicting the 2008 financial crash, is saying it’s those who are buying in now will be the most vulnerable when Bitcoin hits $0.

“People who got it years ago, even people who got it at the beginning of the year have the opportunity to cash out and make a lot of money. But people who are buying it at these prices or higher prices are going to lose practically everything,” Schiff told RT International Channel. Bitcoin is speculative bubble set to burst at any time, and when it does, many will lose everything.

Schiff’s main concern with Bitcoin echoes that of many preppers, including Mike Adams, the Health Ranger.  “These currencies are going to trade to zero or pretty close to it when the bubble pops,” predicts Schiff. “Right now, the only reason why people are buying bitcoin is because the price is going up. When it turns around, they are not going to sell it for the same reason. There is no value in bitcoin, you can’t use it as money,” Schiff points out. “It’s too slow, too expensive and too vulnerable.”

It also doesn’t physically exist in the way gold and silver do. According to Schiff, there is a problem with fiat currencies. However, there are 1,300 digital currencies with massive inflation. “Even bitcoin itself has spun off bitcoin cash, bitcoin gold. There is no limit to supply of bitcoin-branded worthless tokens that can be created,” he said. But as soon as the price begins a downward trend, Bitcoin will implode.

In the video below, Schiff discusses whether or not buying into Bitcoin is like buying a lottery ticket.

“The only value in the cryptocurrency now is the fact that it’s going up,” Schiff says. “And people are buying it because they believe they’ll be able to sell it to somebody else who also thinks it’s going to keep going up because he can buy it, he can sell it to somebody else who has the same outlook. But as soon as the currency really starts to decline, it’s gonna implode and eventually, it will go down to its true value…I think the ultimate value is going to be $0.”

Schiff says cryptocurrencies are also fiat currencies and stands by his assessment that gold is a real alternative to the mess created by all of the fiat currencies (including the United States’ dollar) which have no real value in the end.

Warning: ‘They Need The Markets To Implode’ To Usher In Cashless System

Market analyst Lynette Zang predicts in the next market meltdown, “real estate, stocks, and bonds will all crash.” When asked when this will happen, Zang says, “Enjoy your Christmas,” but in 2018, all bets are off.

Greg Hunter interviewed Lynette Zang, Chief Market Strategist at ITMtrading.com, and her assessment of the 2018 economy is dire.  Zang predicts, “In 2018, I don’t think they can hold these things together. I think we will see a major market correction in 2018. When that happens, that will cause the derivative implosion. We have to feel a lot of pain. . . . I think we are going to go into hyperinflation, and I think we will start to see that in 2018 because I think we will see these markets implode. I think we will see QE4 (money printing) for sure. . . . We have QE right now propping it up, according to the Fed’s own documents.”

Zang says ever since the 2008 meltdown, the elite have just been buying time to set up a debt reset.

“I am 100% certain we are in the middle of a money standard shift.  Ultimately, they need the markets to implode. . . . In 2008, the debt based system broke.  It died, it was done.  The central banks, globally, put it on life support, and they have to create a new system.  In my opinion, they want us cashless, and they want everything in digital form.  They want to dematerialize wealth at least for the masses.  I am 100% certain that this Bitcoin craze, and all of this, is about getting people used to digital currencies.  So, when they shift us from the debt based system to the digital system, we are more comfortable with it and more familiar with it.”

But this crash is still going to be painful for most because the central banks won’t simply give up their power.

“They are not going to give up their power just like that.  We’ve had a great run, and now it’s your turn.  Hey, population, yes, we’ve taken 96% of your wealth, but here we’re going to let you have this piece.  It doesn’t work like that.  The system doesn’t work like that.”

You can prepare for the coming market crash, but most don’t even know it’s on the way. But preparing should include purchasing physical gold and silver to “hold your wealth.”

“After you have a major implosion, all confidence is lost.  What if we have a grid implosion?  You won’t have access to your Bitcoin.  You are going to need barterable silver, and you are going to need physical gold.  You can always convert real tangible money into any good, service or any other currency.  The true value of gold, if they did the reset today, is north of $9,500 per ounce.  That is a very conservative number.  Before the reset happens, the higher the debt amount and the higher the derivatives amount, the higher that gold price goes.”

Most experts and history tend to agree that precious metals are the best way to protect yourself against the coming market crash.

Americans Fear Personal Financial Disaster: “Economy Is Going to Implode”

As business enters into 2017 and the Trump Administration with high hopes for a new boom, individual households remain less than optimistic about their own financial future.

With overwhelming student debt, and factors such as increasing costs of living, a new housing and auto bubble, difficulty finding good work and the announcement that the Fed is raising interest rates in 2017 and beyond, many Americans are dealing with a pessimistic outlook that will be difficult to shake, even if the next administration kicks off on a high note.

Insurance companies surveyed the landscape of the American household, and found that the younger the individual, the worse their fears for the future of the economy.

The two younger generations, millennials and Generation X-ers (under 35 and under 50, respectively), are the two most worried, with nearly 40% of the youngest and slightly more than 30% of the second youngest group both personally concerned about repaying debts and staying afloat.

A return of American jobs and a revitalization of the economy – long overdue after Obama’s 8 years of false recovery – would be welcome change, but it isn’t something that younger Americans, many of whom voted against Trump, have much faith it.

Indeed, with so many systemic factors stacked against them, and the looming prospect of a deeply flawed and failing economy, there may be good reason for concern.

via Bloomberg:

Ah, 2017… While the new year marks a fresh start for many, millennials aren’t so optimistic. In fact, this generation is the only one to say they’re feeling worse, financially, about 2017 than 2016.

In the days following the election, Country Financial Group, an insurance and investment firm, conducted its annual financial security index and found that the score was lowest for millennials, defined as those between 18 and 34 years old, at 60.9 (the highest score is 100).

To determine its score, used a survey that asked over 1,000 Americans questions about their financial stability, like whether they had savings, or if their assets were adequately assured.

Generation X-ers, (people aged 35 to 49), had a score of 66.6. Boomers (between the ages of 50 to 64) came in at 69.2. The Silent Generation, defined as those over age of 65, had the highest score at 71.2.

Asked about economic outlook, millennials were the only generation to predict 2017 would be worse than 2016. Generation X wasn’t too optimistic, with 34 percent of those polled saying this year would be better than the last, compared to 31 who felt the opposite. Boomers and the Silent Generation felt most strongly that 2017 would be better for the American economy than 2016.

The feeling of impending doom wasn’t exclusively reserved for 2017: about a third of millennials surveyed said they don’t think they’ll have enough money to comfortably retire at all. About half of millennials said they hadn’t set any money aside, be that in investments or savings accounts, and 29 percent of this generation felt unsure about being able to pay off their debts.

As many people have unwisely taken on too much debt in the glut of cheap money – an era which is now rapidly coming to an end – there will be a desperate struggle to stay afloat and make ends meet.

For many Americans, credit card debt and other loans were the only means to keep going during an economic period that was stagnant and unforgiving. Though they borrowed money to pay bills, that flow didn’t result in better momentum in the way of pay, job advancement and personal household progress.

These are all bad signs for individuals Americans, and a testament to the fact that it will be a long road ahead to prosperity once again.

Read more:

The Shocking Reality: This Chart Shows Just How Bad Unemployment Is Today Compared to The Great Depression

As the Middle Class Dies, Millennials Give Up: “The American Dream Is Not Really Alive”

Prepare For Anything, Including Economic Collapse

29 Percent Of All U.S. Adults Under The Age Of 35 Are Living With Their Parents

Boomerang: Over 20 Million Adults Now Living With Their Parents; Massive Increase Since 2007