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Peter Schiff

Why Crypto Is A Losing Game


Crypto is all the rage nowadays. Everywhere you turn, it seems like there’s another coin or asset that will be the “next big thing” when it comes to cryptocurrencies or blockchain. The fact that the currency is so new means there’s a lot of opportunity and potential reward for those who invest early, but it means there’s just as much risk involved as well. 

The downside of putting money into crypto doesn’t seem to be as widely circulated as the benefits. That’s why I wanted to bring in a financial expert and economist to help educate us on the risks associated with crypto. His name is Peter Schiff, and he’s going to tell us all the things we should consider before diving headfirst into the world of cryptocurrencies. 

I’m excited to share this conversation with you, and I think you’ll find it valuable no matter where you stand on the topic. And now, please help me welcome the one-one-only, Peter Schiff, to The School of Greatness!

“We are headed for a monetary crisis, that is a fact.” @PeterSchiff  

Peter Schiff is one of the few unbiased investment advisors (not committed solely to the short side of the market) to have correctly called the current bear market before it began and to have positioned his clients accordingly. As a result of his accurate forecasts on the U.S. stock market, economy, real estate, the mortgage meltdown, credit crunch, subprime debacle, commodities, gold and the dollar, he is becoming increasingly more renowned.

He has been quoted in many of the nation’s leading newspapers, including The Wall Street Journal, Barron’s, Investor’s Business Daily, The Financial Times, The New York Times, The Los Angeles Times, The Washington Post, The Chicago Tribune, The Dallas Morning News, The Miami Herald, The San Francisco Chronicle, The Atlanta Journal-Constitution, The Arizona Republic, The Philadelphia Inquirer, and the Christian Science Monitor, and appears regularly on CNBC, CNN, Fox News, Fox Business Network, and Bloomberg T.V. His best-selling book, “Crash Proof: How to Profit from the Coming Economic Collapse” was published by Wiley & Sons in February of 2007. His second book, “The Little Book of Bull Moves in Bear Markets: How to Keep your Portfolio Up When the Market is Down” was published by Wiley & Sons in October of 2008.

Mr. Schiff began his investment career as a financial consultant with Shearson Lehman Brothers, after having earned a degree in finance and accounting from U.C. Berkeley in 1987. A financial professional for over twenty years, he is the owner of Euro Pacific Asset management and chief economist and global strategist for Euro Pacific Capital, a division of Alliance Global Partners. He is also Chairman of SchiffGold, a precious metals dealer based out of Manhattan.

An expert on money, economic theory, and international investing, Peter is a highly recommended broker by many leading financial newsletters and investment advisory services. He is also a contributing commentator for Newsweek International and served as an economic advisor to the 2008 Ron Paul presidential campaign. He holds FINRA Series 4, 7, 24, 27, 53, 55, 63 & 65 licenses.

If you’re ready to learn why crypto might not be the best place to put your money, how to plan for the potential crash of the US dollar, the risks of blockchain, and more, then this episode is for you! Please join me for Episode 1,208 of The School of Greatness.

“The best time to lose a lot of money is when you’re young because you have a lifetime to make it back.” @PeterSchiff  

Some Questions I Ask:

  • Did you think Bitcoin would be as big as it is now, 10-15 years ago?
  • What is the value of Bitcoin?
  • Will Bitcoin have another big drop?
  • If you had to give someone a reason to get into cryptocurrencies, what would you say?
  • What is the difference between buying stock and buying bitcoin?
  • What are the most wise investments other than crypto and gold?

In this episode, you will learn:

  • Why Peter thinks bitcoin probably won’t take off.
  • Why dollars are more valuable than any other kind of currency.
  • Why you don’t need cryptocurrencies for blockchain to work.
  • What’s hurting the value of gold now.
  • Why the US COVID policy is economically harmful.
  • What you can do to prepare yourself for the dollar crash.
  • Plus much more…

Show Notes:

Peter Schiff
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Peter Schiff

Transcript of this Episode

Music Credits:


Kaibu by Killercats

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