A few months ago, I became interested in Bitcoin. The price then was around $250. It is now, as of this writing, $880 and still rising daily. Feel tempted to get on the bandwagon? Is this the currency of the future? Or another Tulip Bulb mania?

Investor Peter Schiff, in this video, says that Bitcoin has all the qualities and requisites of money… except one. Unfortunately, says Schiff, that one requisite is vital. In addition, according to Schiff, most owners of Bitcoins are not using them for making purchases but are instead hoarding them as an investment. The time will come when they wish to cash in. What will happen to the price then?

Summary: In his latest video, Peter Schiff shares his thoughts on the bitcoin mania that is sweeping the world. After rising from less than $20 to more than $600 in one year, many investors are wondering if bitcoin might be worth the risk. Early adopters pitch bitcoin as “gold 2.0″ – a digital currency that cannot be manipulated like fiat money. Bitcoins are even “mined,” similar to physical gold and silver. However, Peter explains why bitcoins still fail as a substitute for gold and strongly urges investors to avoid this risky new currency. Bitcoin could very well have already hit its top, but Peter is confident gold is still well below its future record highs.

via Bitcoin vs. Gold Video | Peter Schiff’s Official Gold Blog.

Watch the video (click this link if video doesn’t work).

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