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Bitcoin No Threat To U.S. Dollar, Gold – Jim Rickards

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The cryptocurrency craze proceeds with the leading digital currency– Bitcoin– trading near document highs. But, to bestselling writer and also money professional Jim Rickards, the brand-new age currency may be in a bubble. Delving into the concept of assessment, the Money Battles author claimed that even if capitalists seem to be sharing a liquidity choice for Bitcoin over the buck, it does not necessarily mean they are losing confidence in the dollar. 'If you were losing self-confidence in the buck than gold would be rising as well as it's not, so it looks like a bubble,' he told Kitco News. He added that financiers must not stress that online currencies take over the U.S. dollar's reserve currency status whenever soon since the marketplace is simply also little. An additional facet that financiers may be ignoring, Rickards continued, is that financiers acquiring significant gains from crypto investments might not be properly submitting their tax obligations. "The Internal Revenue Service might subpoena one of these [cryptocurrency] exchanges and freeze up all the bitcoin,' he said. 'The IRS did this with Americans with Swiss savings account, they'll do it with bitcoin.'

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28 Thoughts to “Bitcoin No Threat To U.S. Dollar, Gold – Jim Rickards”

  1. Payhole Everdouche

    Some of us wish Gold was $2,600 per ounce.

    1. Yani Brankov

      It will be as soon as the paper gold market collapses.

    2. Summer Time!

      Yani Brankov,
      When and how will the paper markets collapse?

    3. Yani Brankov

      I wish I knew the answer to these 😉

    4. My3dviews

      Which is when hell freezes over.  LOL

    5. Yani Brankov

      Well, look at year 2011. It was almost $2k. In comparison, $2,600 is not out of reach by any stretch of the imagination. And the paper market can crash as easy as the subprime in 2009. The pattern is the same: banks sell something which is not quite worth the price tag.

  2. civilian

    Conveniently leaves out all of the critical reasons bitcoin is a superior currency to what is currently available.

  3. Ivan梦夫

    Comparing bitcoin to the fed is the most ludicrous argument against bitcoin yet. Another gold expert turned bitcoin opponent.

    1. L M

      梦夫 Ivan I didn’t see an argument against bitcoin. His long list of credentials are impressive and you are just a keyboard pusher. Luckily he knows what he is talking about.

    2. Ivan梦夫

      Did you hear him say that “bitcoin looks like the fed because it costs nothing to create bitcoin, just like the paper currency printed out of thin air”? And don’t you accuse me of being a keyboard pusher! I am a PM investor too. He doesn’t know what he’s talking about, as far as bitcoin. Listen to real experts on the subject of bitcoin such as Andreas Antonopoulos, not a gold bug like Rickards.

    3. arno nabuurs

      Correct, try to mine 1 bitcoin with your home PC and let me know when you get it and how much you paid for electricity lol

  4. Capa Crypto

    The Beginning Of The Attack on Cryto 😲💥🗯

  5. AxiTrader

    Interesting perspective on how Jim analyses Bitcoins to other instruments like stocks, bonds and real estate.

  6. John S

    Richards demonstrates that he only has a very superficial understanding of Bitcoin.

  7. Givy55

    Your swapping inflationary fiat money for deflationary real money! Big difference!

  8. Midnight Cometh

    Wow, he has no clue

  9. MrGrandwazzoo45

    Love you D!!

  10. Pea K

    That was pretty weak. Jim Rickards does really need to do a bit of research on blockchain and tokens to see some sort of value proposition. Otherwise it’s pretty poor investment advice and just paints himself and Kitco as uninformed.

  11. ReeltoReel

    What a knob jockey , wish I could minè 1 bitcoin with my 1080 lol

  12. Aquavidify

    great video, I always had my suspicions about Rickards and now they have been confirmed. This is a good advert for cryptocurrency.

    1. Steve Sheldon

      Me too. I’ve always considered him controlled opposition. I read his book Currency Wars when it was new and assumed he left out about 90% of his relationship with his masters. But I’ve never heard him sound dumb before. Obviously, his task is to disuade people from looking into crypto at all.

  13. JJ K

    “They just have computers that do some really hard math problems.”

    “Oh the IRS will just freeze Bitcoin assets.”

    *tilted*

  14. Rackboy Meats

    It’s new, growing and useful take it or leave it

  15. PixelPhobiac

    In 5 years…………

  16. Rob Davies

    So much fear turned into anger on this thread from crypto holders. Hold your crypto and buy a part your dream in 2 years 🙂

  17. Rodney Ascencio

    hahahaha

  18. Kylan Hurt

    Price has more than doubled since this guy did this interview.

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