Bitcoin vs Gold with Peter Schiff
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“Bitcoin is the new kid on the block, so Bitcoin has something to prove, gold doesn’t.”
SHOW DESCRIPTION
Location: Zoom
Date: Wednesday 15th July
Role: CEO and Chief Global Strategist
The reasons to hold either gold or Bitcoin are similar, yet the two assets possess different tradeoffs and risks. Bitcoiners often refer to Bitcoin as digital gold or gold 2.0, as they consider it a store of wealth like gold. Whether you prefer one asset or are a proponent of both, these assets help protect individuals against the broken fiat monetary system, inflation and a debt-based economy.
While the assets have many similarities, for some, it isn’t gold and Bitcoin; instead, it is gold vs Bitcoin. Peter Schiff is a stockbroker, financial commentator, economist and gold bug who is hugely sceptical about Bitcoin. Schiff regularly derides Bitcoin on twitter and has done so since 2012 claiming that Bitcoin has no intrinsic value.
In this interview, I speak to Peter Schiff, and we discuss what he doesn’t like about Bitcoin, if he sees the alignment between Bitcoin and gold, the properties of sound money and if Bitcoin should be considered a store of value.
TIMESTAMPS
00:04:20: Introductions
00:05:46: Peter’s business
00:07:46: Bitcoiners and gold bugs
00:11:13: Bitcoin’s volatility
00:15:18: Differing risk profiles of gold and Bitcoin
00:18:48: Bitcoin use cases
00:26:04: Currency collapses
00:30:07: Store of value
00:34:05: Bitcoin is not unique
00:38:25: Security of Bitcoin
00:41:19: Gold in asteroids
00:43:01: Other cryptocurrencies and improving technologies
00:46:13: Bitcoin forks
00:49:05: Production and the value of productivity
00:54:12: Bitcoin and PayPal
00:56:11: Choosing what to use for money
01:00:14: Buying illegal goods online
01:04:08: Using Bitcoin in the third world
01:06:11: Timeframe for Bitcoin success
01:11:15: Converting the masses
01:16:06: Final comments
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