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



The cryptocurrency craze continues with the leading virtual currency — Bitcoin — trading near record highs. But, to bestselling author and currency expert Jim Rickards, the new age currency may be in a bubble. Delving into the theory of valuation, the Currency Wars author said that even if investors seem to be expressing a liquidity preference for Bitcoin over the dollar, it doesn’t necessarily mean they are losing confidence in the greenback. ‘If you were losing confidence in the dollar than gold would be going up and it’s not, so it looks like a bubble,’ he told Kitco News. He added that investors should not worry that virtual currencies take over the U.S. dollar’s reserve currency status any time soon because the market is just too small. Another facet that investors may be ignoring, Rickards continued, is that investors racking up substantial gains from crypto investments might not be properly filing their taxes. “The IRS could subpoena one of these [cryptocurrency] exchanges and freeze up all the bitcoin,’ he said. ‘The IRS did this with Americans with Swiss bank accounts, they’ll do it with bitcoin.’

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Written by frances

Lawyer, Believer, Idea Agent, Database Wrangler, Human Casserole. I want to see your peacock.

38 Comments

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  1. Is this guy for real? So what does he propose the government will be doing with private wallets like Trezor etc. "they'll just shut down these exchanges and force people to come forward." He clearly out of touch on how this technology works on a massive scale.

  2. yeah this guy is absolutely misleading people. just another old school guy stuck in old ways and is I'm sure being told what to say and what not to say. just swapping money?? idiot, when you swap and bitcoin rises so does your money. #donaldtrump FAKE NEWS.

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

  4. There are thousands of things to invest crypto in that give great yield. Bad research. Also, many cryptos are more than money – they have specified productive uses – eg ethereum.

  5. "They just have computers that do some really hard math problems."

    "Oh the IRS will just freeze Bitcoin assets."

    tilted

  6. Bitcoin not a threat but other cryptos are. Bitcoin will be obsolete in 10 years while other cryptos that were made better more anonymous and faster to use will take over bitcoin at some point. Bitcoin a crappy coin.

  7. 1:40 … "… we can't keep printing it, it's capped." she says about bitcoin.
    Wrong!
    Every time another cryptocurrency is produced there is the dilution of bitcoin.
    The fact that there are only a limited number will make it useless, even more.
    Bitcoin was only useful if you bought it at 2 cents. Now, fuggedaboutit.
    This cryptocurrency craze is like the hula hoop; great for the manufacturer, pretty useless as money.
    There is only gold and silver to act as money. There is nothing else.

  8. point is people will accept its money when they understand its value. i for myself dont want complicated things. And gold are from stardust so ill take gold anytime.

  9. Either he doesn't know how it works or he is deliberately misleading. Even if you channel all the electricity in the world with all the computer in the world you can not create more than 25600 bitcoins. Supply is limited with math, not with electricity.

  10. He said in the beginning. Bitcoin goes up as the dollar goes down. same as gold and silver. it's all valued in worthless dollars. You people aren't listening.

  11. Crypto Currency is an ESF funded transition – Both gold and silver are going to move considerably lower – intermediate and long-term technicals are extremely weak and not Positive.

  12. man, even if your cryptos get frozen in an exchange, people are still gonna use btc in America. He knows what's up, he just can't talk about it

  13. gold bugs are losing customers. it was supposed to go to the 'moon' by now. its still at multi year lows. these authors are losing steam because they havent come up with an answers to a five year bear market. its that simple.

  14. It's not money dammit it's fiat currency, it has no intresic value, it is not fungible and it does not maintain value over time. Some folks are gonna wish they knew ten years ago. If you can't touch it what good is it.

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

  16. Wait until the first bail-in of a major US bank occurs, then see if you can understand the value of cryptocurrencies.

  17. "The IRS will shut down the exchange" …
    HahahahahahahahahahahahahahaHahahahahahahahahahahahahahaHahahahahahahahahahahahahahaHahahahahahahahahahahaha
    hahaHahahahahahahahahahahahahahaHahahahahahahahahahahahahahaHahahahahahahahahahahahahahaHahahahahahahahahahahahahahaHahahahaha
    hahahahahahahahahaHahahahahahahahahahahahahahaHahahahahahahahahahahahahahaHahahahahahahahahahahahahaha

    NO.

  18. LOL! JIM is a secret Bitcoin hoard!!! lol! he's just trying to hold the ship down for as long as he can keep buying in!
    THE WORLDS ONLY non OWNED independent self inflationary limited money! BAHAAH!!! how can you NOT call it an investment if it has a BUILT in yield???? lol
    2018 its going to put the good old gold market into the golden ages. its why we had a bronze, silver, gold, silicone age etc….
    As for Taxes its no different to SHARES, until its cashed it ain't taxed!

  19. Mr. Rickards states that the price of precious metals would confirm a failing dollar. This is a major mistake. The banking cartel controls every price under their digital domain using robust digital control technology, to include the price of gold. Bitcoin is discovering the true value of oceans of a fake GLOBAL monetary digits because it is the only monetary asset free to do so. This is what you get from lawyers, writers, and other liberal arts types. The do not understand the capabilities of control technology….for evil or for good.

  20. I think bitcoin proves that "money" in general is not just tied to paper currency.
    .
    .
    But, if bitcoin infrastructure increases like bitcoin banks, ATMs, funds, investments, bitcoin wages…. Then that's when it begins to act more like paper currency.
    .
    .
    Paper currency has advantages like it doesn't need the internet to exist. Bitcoin needs the internet to exist, take internet away and bitcoin doesn't exist.

  21. Anytime you put money into something hoping to get a gain, it's an investment. Maybe he should look up the definition before making such an idiotic statement.

    Also, gold and silver is extremely manipulated by people with very deep pockets with a vested interest in the fed reserve so his claim on faith in the dollar not showing in those markets is irrelevant.

    I personally think this interview is pure propaganda.

    Granted, the crypto world is manipulated as well, but not anywhere near to the degree of the other markets.

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