Financial Analyst Andy Hoffman Says We Should Be Thankful for Bitcoin
This week the financial analyst and precious metals proponent Andy Hoffman spoke with Greg Hunter from USAwatchdog.com concerning his opinion about the decline of our global economy. During the interview, Hoffman talked about the rise of cryptocurrencies and why he thinks bitcoin might be a game changer for the world.
Also read: Japan’s Bitpoint to Add Bitcoin Payments to 100,000+ Stores
‘All the Market Manipulation and Money Printing is Dying’
Andy Hoffman is a well-known financial analyst who believes the global economy is suffering from a significant depression with exponential debt. Hoffman details it’s difficult for the public to see these facts due to the stock market and other manipulated markets continuing to rise. “They have created ‘Dotcom valuations’ in an increasingly ‘Great Depression’ era, which, by the way, are only being enjoyed by 1% of the population,” explains Hoffman.
The largest most destructive Ponzi scheme is at its end. You can’t do anymore. They can’t say the economy is getting better — All the market manipulation and money printing is dying. All that’s going to be left is hyperinflation.
Hoffman is Bullish About Bitcoin, but the Technology Will Face Wars With Governments
Hoffman extensively discusses why he thinks precious metals are an excellent hedge against the current economic downturn taking place across the globe. Following his statements about precious metal markets, the analyst talks about cryptocurrencies and their recent rise in valuation over the past year. Hoffman says he is “bullish” about bitcoin but believes cryptocurrencies are still very young and “wildly volatile.”
“As bullish as I am about bitcoin — Look they are in the middle of their scaling debate right now — They are going to have to go through the wars with the governments. Once the governments start to worry, like when the Chinese instituted capital controls on bitcoin back in January. They failed, but they can institute other ones. The U.S. could come in and say we are gonna ban it or shut down Coinbase and do all kinds of things to scare people.”
Hoffman continues to explain that these battles with the powers that be will make bitcoin volatile for the time being. One thing Hoffman notes is that it’s misleading when people say there is no “intrinsic value” in regards to bitcoin.
Trust me the network effect plus the cost of mining is a major intrinsic value — But the fact is they are going to be wildly volatile.
Bitcoin and Precious Metals Are Allies Fighting the Same Fight
Even though cryptocurrencies have a lot of risks right now the analyst goes on to detail that precious metals and bitcoin are on the same team.
“I wrote an article last May — ‘Precious Metals and Bitcoin: Twin Destroyers of the Fiat Regime,’ where I said they are allies. So when you have people on the precious metals side talking down about bitcoin 99 percent of them have no clue what they are talking about. They have done no research, they just view it as a competitor, and if they say bitcoin is bad it’ll go away, and everyone will ignore it.”
No, bitcoin is here to stay and whether it’s a total success or if it has problems along the way — cryptocurrencies are here to stay — In the big picture we should be thankful for cryptocurrency because it’s fighting the same fight but fighting it in a much different way, it’s like gorilla warfare because its decentralized and has less attack vectors.
For instance, Hoffman highlights the fact that the authorities can’t confiscate bitcoin from those who are smart enough to hold their funds on hardware wallets. However, with all the focus on bitcoin from the media and its current rise in popularity, the governments will feel threatened. In fact, Hoffman believes because of the focus on cryptocurrencies it will help push up the value of precious metals markets as well. “Bitcoin is going to weaken their defenses against gold and silver,” Hoffman explains.
Bitcoin Is the One That Can Be a Game Changer
As far as alternative cryptocurrencies are concerned Hoffman says there will be a “tremendous amount of losers because a lot of them are scams, and a lot of them are just attracting hot money.”
“So, you better do your research — The only one I have any faith in is bitcoin because it is the only one that can be a game changer for the world and the gold and silver market,” Hoffman concludes in his interview.
What do you think about Andy Hoffman’s opinions about bitcoin and precious metal markets? Do you think they are allies against the fiat regime? Let us know in the comments below.
Images via Shutterstock, and Market Sanity.
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