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Economist Jim Rickards On Gold Versus Bitcoin

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Jim Rickards is the editor of Strategic Intelligence and the author of Currency Wars: The Making of the Next Global Crisis. He believes gold can go to $10,000 an ounce but he is much more skeptical about bitcoin. Rickards doesn't trust the bitcoin price action and doesn't believe the cryptocurrency will fare well in a financial crisis. Read more: http://www.businessinsider.com/sai FACEBOOK: https://www.facebook.com/techinsider TWITTER: https://twitter.com/techinsider INSTAGRAM: https://www.instagram.com/tech_insider/
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Text Comments (858)
Zoran Jovic (4 days ago)
Greatest minds on the world including nobel prize winner for economy say its worthless but ppl that were flipping burgers for a living say buy and u will believe burger boys cause they say experts want to buy in cheap???? Loooool
Carla Paulino 2 (8 days ago)
cryptocurrencies are not taxable until you try to convert them into fiat correct?
Matteo Grassotti (10 days ago)
He's missing the main point about Bitcoin. A peer-to-peer money. No one has the unique power to emit it. Of course it can be manipulated. But "legacy" currencies can be too. What about European Central Bank buying banks' non performing loans with quantitative easing?
Eden Herrera (10 days ago)
Forgot panama papers!
Marnus Richter (19 days ago)
start using cryptclassifieds.co.za
Tomas Av. (27 days ago)
Tomas Av. (27 days ago)
wagfeliz (1 month ago)
what a bunch of bullshit.
andrés chellew (1 month ago)
Bitcoin is basically a fiat money big and complicated game, it has not any value for itself, only a demand/offer structure of finally nothing. Well, not nothing, the big human imagination. Can hold its value when the next financial crisis begins? I dont think so.
Noel G (2 months ago)
What is intrisic value of printed dollars, euros...?
angie cheesman (2 months ago)
And if you think the government doesn't know "who" is mining bitcoin....you are as dumb as you look. If you are mining and reporting the capital gains....you may be ok.
angie cheesman (2 months ago)
Capital Gains folks.......make your money then GO DIRECTLY TO JAIL.....hahahahaha
Juan Ignacio Pagola (2 months ago)
Almost all bitcoins will be mined in about a year, so no electricity costs involved in the long term... Who is this guy? Regarding criminality, the US dollar is the most broadly currency used... Again, who is this guy?
J C (2 months ago)
Bcash Bcash Bcash Bcash Bcash Bcash Bcash
Taki Papadopoulos (3 months ago)
How can this guy claim Bitcoin is for tax evaders and 5 minutes later say that the IRS will track you if you don't pay taxes on it? Not very good for tax evaders then, is it...?
ThisnThatPackRat (3 months ago)
It's ALL crypto and NO currency.
Serda S. (3 months ago)
It's funny how agitated people get when someone says there is a huge probability and possibility that you are wrong about this thing. If I asked 1 person to lend me 100 dollars of there hard earn cash for 200, they scratch their heads. They ask for my credit score. Yet, this same person will swear up and down wall street that bitcoin is here to stay. Same thing was said for so many pieces of technology, we can't even count. In retrospect, the ones who got out early will brag about it at every dinner party, and the ones that got creamed will go to work wearing uniforms and having to ass kiss someone of low intellect. I usually say, you could be right but the idea of trading is to be right at any time. So being oblivious to it's downside, that will be the end of a lot of people. Don't be surprise, when your next door neighbor jumps before some form of transportation because he lost all the equity in his house and his daughter's college fund. We are all too smart for our own good until we aren't. As far as bitcoin, I would say, invest any money you would mind losing the best casino house in vegas. That way you know you aren't taking much risk at this point.
Chow Monkey (3 months ago)
So he started with a liable story and ended up with threatening people with IRS. Great way to get your point through..
myfitfysique (3 months ago)
These government agents are out of control
Matthew Pink (4 months ago)
"I just don't wanna play in that space." Thats because you 're a bitch, Jim. lol
Ralph Gertis (4 months ago)
Its going too look stupid if the US dollars collapes and me trying too carry gold in pocket trying too use it using a hammer too break pieces off.
Joseph Dredd (4 months ago)
FIAT money the biggest scam ever
Peter Meissnitzer (4 months ago)
Most of the GOLD is owned by the EVIL ROTHSCHILD , I wouldn't touch it , GO DIGITAL GO BITCOIN .
shockolanul (4 months ago)
Yeah goym! Go buy paper gold and silver in a highly manipulated precious metals market. You're sure to make gains in it! Top Kek!
Rich Buddy (4 months ago)
This guy is a whacko because the only bubble is in his head. Nobody knows how any currency will act or even exist 6 months from now. So many currencies have collapsed over the last 10 years while bitcoin is sovereign.
Willem de Zeeuw (4 months ago)
Bitcoin is bad for criminals.... every coin can always be traced dollars are more criminal
Matthijs Amsterdam NL (4 months ago)
Gold is a bubble, look at the chart long term in history. America is a bubble! Stock market is a bubble. Bitcoin isn't regulated but gold and silver is regulated by criminals aka wallstreet
charlieRobinson (4 months ago)
This lady smoked too many cigarettes
Akash Mundhra (4 months ago)
the only point that stands true is the miner's fees which is no different than bank fees. Other than that mining gold requires a physical capacity on the other hand mining bitcoin requires computing capacity which is bound to improve in the near future.
Dipak Acharya (4 months ago)
fuck you..............only negative.
LONE WOLF (4 months ago)
he said it was Ponzi scheme, now he says its a form of money.. pff same as bankers
Sir Didymus (4 months ago)
Did he really say that Bitcoin is no good because of tax evasion and other criminal activities? Cause nobody has ever done anything illegal with fiat money, stocks, bonds or gold have they.....everyone who owns or trades them is completely, 100% legit right...right? Hmmmmm.....
Oscar Cortez (5 months ago)
I believe in the future of cryptos but this was a great analysis of the weakness of bitcoin.
TigerShark (5 months ago)
why should gold companies be allowed to use coal and oil to mine gold
Eugene (4 months ago)
TigerShark Racist
Dan Ryan (5 months ago)
He's clearly not heard of staking, although he's right about bitcoin, other crypto will stay
MrB1923 (5 months ago)
He Just Doesn't Understand.
MrB1923 (5 months ago)
Not a clue about Bitcoin. Everything is PROPAGANDA.
Arthur Heidt (5 months ago)
bitcoin and cryütos arent just a ponzi scheme its a battle for freedom from central banksters
David Bermudez (5 months ago)
Bitcoin is called digital gold
Johnny K (5 months ago)
That's a good one except one is digital the other isn't
oscar gonzalez (5 months ago)
oscar gonzalez (5 months ago)
Bit coin is more valuable than gold.... Sorry fact is a fact
emersoneee2008 (5 months ago)
Damn I know it made a lot of people rich ..that part was real
Aaliyan Zahid (5 months ago)
Jim's opinion is sound, his opinions, not conclusions, are based on knowledge, theories and proofs, not on blind speculations. This guy is worth listening to! But still as he says, buy if you want to.
Zackary Bouchard (4 months ago)
yeah a career lawyer who has studied economics for years knows less than 17 year teenagers who think buying crypto will make them all millionaires.
MrB1923 (5 months ago)
He has ZERO clue about Bitcoin.
victorofrias (5 months ago)
Give me bitcoin and i will let everybody know its a scam. Lol. End the fed. 1JvMQCW1vgiXq5SqhZQVhbxwo8NGqraD1Y
kev Waltham (5 months ago)
victorofrias ok I sent you a whole bitcoin
kev Waltham (5 months ago)
victorofrias ok I sent you a whole bitcoin
D (5 months ago)
he sounds very smart but he is so off track haha
HEIDIE MC (5 months ago)
people trying to justify... to make this guy credible talking about his IQ.... I bet it was measured 40 years ago..... obsolete suff....  say no more!!!! ;)
Callandor (5 months ago)
Biggest bubble in history. Crypto's: 1/ Unlimited supply of various coins. 1000's digital currencies are created (a lot of them are scams), very easy to create a digital currency. 2/ Unregulated, so even more manipulation than Wall Street. Hard to imagine, I know :) 3/ Secure? Many of the exchanges have been hacked, lots of people have lost money. 4/ Gold has many uses, such as medical and electrical. Recently, doctors are harnessing gold for cancer treatment. 5/ Criminality? Irrelevant, all currencies are going to be used for criminal activities. Etc and etc. Crypto's are not an investment but gambling. Know this before going in.
Mat G (5 months ago)
Bitcoin: secure, deflationary, and fixed supply.. Gold: none of the above Your currency: none of the above 1) It cost $1,000 USD to mine 1oz of gold..does that sound worth it?? 2) Gold is absolutely worthless.. its only use case is around a someones neck.. 3) Gold markets are totally manipulated.. 4) EVERY investment exists in a bubble.. its called speculation.. 5) A global currency unsustainable? hello lightning network/proof of stake 6) USD services every criminal use case he listed 7) andreas antonopoulos would destroy this guy I could go all day..... HOLD your coins and/or claim your gains!
Udo Pfeiffer (5 months ago)
If these doomsday people are truly correct, there is more than enough room for bitcoin, cryptos and gold. Gotta own both if you want to be prepared for that. These anti-bitcoin arguments are very short sighted. Long term Blockchain and crypto will overcome many of the current shortcomings. That doesn't mean there is anything wrong with gold. It's not one or the other, but both.
MAGA POWER (5 months ago)
Sorry Jim....."burden of proof" is now on the IRS.....not us. Get your facts straight old boy
Action Bastard (5 months ago)
HSBC laundered 700billion for just one syndicate. No one went to jail. They got a fine.
Richard Servello (5 months ago)
He doesn't want to play in that space because? He's used to the standard form of criminality and feels crypto is too hot and he'll get caught.
Richard Servello (5 months ago)
OMG what a fucking idiot! You have to claim all gains... Even in Bitcoin trade... Smfh
Richard Servello (5 months ago)
So his reasoning for gold is... It's old... Wtf. There is a LOT less fraud in crypto... That's it's point, by nature.
Richard Servello (5 months ago)
I agree that the energy cost is high... But this moron isn't considering that as efficiency increases cost decreases and value increases.
Richard Servello (5 months ago)
OMG... There's already a fucking fee!
Richard Servello (5 months ago)
Gold is complete bullshit and has absolutely no long term value. Last time I checked, data can't degrade over time... Also, blockchain is essentially the internet of currency. This guy is old as fuck and living in the past. Moron doesn't understand that it's regulated via math!!! He just called traders, miners. He doesn't know shit. That's like calling an accountant a stock trader.
Richard Morgan (5 months ago)
Bitcoin is a disaster waiting to happen.
William Wilson (5 months ago)
Don’t buy the subscription to his Strategic Intelligence. You won’t get what they advertise but you will get email after email of chances to buy more subscriptions. Some are complete scams like mysterious healing oil used by, allegedly, Jesus.
petrzalkai (5 months ago)
I think cryptocurrencies will skyrocket during a financial crisis. They are already very popular in countries with broken economies. Gold is not going to solve shit, but if you would create some cryptopesos in venezuela and spread it among the people, you could restart the economy with those
Nathan Wind (5 months ago)
He makes some very good points. However, there is much he doesn't know about crypto.
Clayton Eatmon (5 months ago)
I'm for gold just as well but Jim sounds a bit nervous in expressing his objection towards Bitcoin .
John Henrik Bergene (5 months ago)
so if the confidence in gold is lost? whats left? If we were to purely value gold for the usage in electronics, it would be barely anything. And nobody would make jewels anymore due to the cheap price. last part about tax though, is totally correct. Pay your taxes, whatever you invest in.
Terror Bear (5 months ago)
Obviously a very knowledgeable guy... but there are a nuhmber of hole in his game.
Edgar Franco (5 months ago)
This guy sucks
bhanu prakash (5 months ago)
There was no valid points in this discussion, He says "I don't know it so I am afraid of it". No discussion of potential applications of technology or Future. It may be used with criminal intent that does not mean the technology is bad, People may evade taxes but that is not fault of the technology. This is merely someones opinion and they may be wrong.
Lee Cubit (5 months ago)
I just lost all respect for Jim Rickards.
Nxt Lyf3 (5 months ago)
cant use it for criminal means anymore... its too traceable. all the criminals use monero now.
Kit Bear (5 months ago)
Yep, Bitcoin can be used by money launderers, drug dealers and hitmen but so can fiat currency, I'll bet that fiat currency is more widely accepted by these groups than will accept Bitcoin. This is a ridiculous argument, Anything can be used as payment for goods and services if both trading persons agree on a means to settle a trade or debt through exchange or services rendered
Peter Weisenbacher (5 months ago)
Quote from the guys Wikipedia profile "None of Rickards' major predictions thus far have been realized." Something tells me that sooner the sun will implode and destroy our galaxy than this funny character will be right.
Nova Spd Music (5 months ago)
gold is not infini but bitcoin yes
atomitron (5 months ago)
"I'm a free market guy" lol, no you're not. You're a fascist dinosaur. Piss off.
Deni THS (5 months ago)
Keep preaching Jimmy. Let the price fall to 200$. You will make me very reach once it jumps to $30k again.
Buentaste (5 months ago)
That was the dam fu%#£¥ reason I did not buy bitcoin back in 2014 when I first heard about bitcoin. Listing to these jerks spreading the negative side of bitcoin saying shit like poeple would pay with bitcoin to watch murders on the deep web redrooms live torture and on .... today I would be sitting on 20 million dollars
Kris Feng (5 months ago)
What about the Venezuelan oilcoin??
M. Man (5 months ago)
I have a computer so I started my own crypto currency. I typed in a million coins for myself, so if you buy one for a $100, my market capitalization is $100 million. Thanks😄
luf2u (6 months ago)
Nothing he says has happened! Used to listen to him, no more. Cryptos are the future, not gold. And they are free of banker control. 1% of population knows about and is invested in cryptos now. Predicted to be 10% by this summer. 2018 is the year of the cryptos. The dollar will be history and cryptos will take their place. He does not understand cryptos and bitcoin.
pranksterguy1 (6 months ago)
Gonna go and get me some bittulips!!!
rRobert Smith (6 months ago)
This video sums up most of the reasons that bitcoin is the next tulip mania, today Jan. 17th it hit sub $10k as china continues to crack down on cyber currencies. I have not seen a collapse this bad since the Hunt brothers tried to start a silver backed currency in the 70's. Bitcoin has never made it thru a recession or any type of panic, so its robustness is in question.
Douglas Kay (6 months ago)
USD is the greatest risk because bits of paper are printed without any control. Just look at the debt clock.
vizeet srivastava (6 months ago)
We know how bitcoin performed during crises whether it was greek crises, arab spring, cyprus crises, zimbabwe crises, venezuala crises or brazil crises. Crises is not always global it can be local and we know bitcoin behaves during crises.
tyler maloney (6 months ago)
It might not burst - Just like gold - It could be a digital value not known to the world.
bayu mahardika (6 months ago)
i dun think 2 big exchanger even manipulating price will not drop bitcoin price to 0 but i do believe one day bitcoin will get to the stage of falling chart as long people believe its value bitcoin still worth buy
Thomas Stewart (6 months ago)
Interesting to see literally every single analyst and economist point out why bitcoin is shit and then these kiddies who never picked up an Econ book in their life made $300 off bitcoin and claim it’ll replace the dollar.
RayC1 (6 months ago)
He basically just described the US dollar. .
Bob dabiuld (6 months ago)
Bitcoin is NOT for criminals - unless they’re dumb criminals
Jim Blane (6 months ago)
Wake up call people - Bitcoin has NEGATIVE value. That's LESS than zero lol. Mostly due to it's current RIDICULOUS cost of production, but also due to the fact that it's newly found massive volatility makes it inappropriate as a transaction media (currency).
Jim Blane (6 months ago)
Viable currencies, even fiat, need at least some form of price stability. No one wants to sell their house for bitcoin, and find out an hour later their bitcoin devalued 50%. LOL. Come on people. You shouldn't need an expert like Jim to help you see this.
Jim Blane (6 months ago)
You can use boogers as money if someone will trade you something for your boogers.
Jim Blane (6 months ago)
Should be called BULLSHITCOIN.
Meister der Erkenntnis (6 months ago)
Good Info 😊 Do you know what PIVX Coin is?
Jacob Dix Dix (6 months ago)
"So when I see Bitcoin at $11,000 an ounce or whatever" you dont measure Bitcoin by weight!
Question More (6 months ago)
Jim, wake the f*** up, we're in the 21st century, do you actually know how the whole crypto currency system works? Shut what down?? This is virtual currency, not your buddies banks, where was it that you worked....Citi bank....which YES, they can be shut down, and eventually will, because more and more people are waking up to reality and are fed up with the obsolete robbing, crooked financial institutions (banks), backed up by a few greedy capitalists, who are seeing their "goldmine" slip through their fingers. Welcome to the Internet! It's open 24/7...365 and accessible to everyone, not just a few bankers, and the owners of the whole corrupt system - "The Rothchilds". When personalities like Bill Gates or Elon Musk are open to this new technology, should we rather believe this measly economist, or people who are open to progress and have proven that nothing is impossible, and have shown the world what can be achieved. Btw...electricity?? Solar energy is here, the same as Bitcoin, and like John McAfee says..." it's here to stay!! Why do ppl like this even get a chance to talk.
94115david (6 months ago)
Beavis and Butthead painted the tape when they had to sell candy bars. The bought each other's candy bars with the same one dollar until they accumulated all the candy bars. The other thing is, JR and PS have been saying the same thing for at least five years. Actually, its been much longer than that. . They have been talking about a scenario that is eventually going to play itself out. We haven't reached that day yet but they have been talking about it for ten, fifteen years. I still believe in these two guys. These guys, one day, will be so right about markets, that it will make your head spin.
James Winterfield (6 months ago)
if they (USA)need money velocity shouldn't they lower the capital gains considerably ..idk
Joshua Gold (6 months ago)
2/3 of the coins have already been mined. The electricity argument is bogus. This guy is a donkey
Letthere belight (6 months ago)
Yahweh gave us gold for wealth and silver for money. Gold will go up to $ 7,000 . The Down will go down to 7,000. Bless you.
Rob Sky (6 months ago)
It's just stupid. Where to start?
Rafael de Rezende (6 months ago)
What he said about the criminality is just plain wrong, only someone who knows very little about cryptocurrencies could say that. The tax part, however, makes a lot of sense...
Cyber Command (6 months ago)
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