Bitcoin vs Gold #2 with Peter Schiff & Greg Foss - WBD396

Mr Obnoxious

Peter McCormack

Technology, News, Politics, Money, Investing, Finance, Bitcoin

4.8 • 2.7K Ratings

🗓️ 10 September 2021

⏱️ 123 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Location: Remotely
Date: Friday 3rd September
Company: Euro Pacific Asset Management & Validus Power Corp
Role: CEO and Chief Global Strategist & Bitcoin Strategist

Gold has been used as money for thousands of years, but once the US severed all remaining ties with the Gold Standard in 1971 and moved to our current fiat system, gold's use case shifted. Gold has become a safe haven, store of value, and insurance against what many gold bugs consider a broken fiat monetary system.

Bitcoin is considered by many to be digital gold but is only 12 years old. Still, in that time, it has grown into a near trillion-dollar asset and is also a store of value but is decentralised and censorship-resistant. Many bitcoiners believe it is just a matter of time until bitcoin replaces gold as the world's primary store of value.

Gold and bitcoin have some obvious similarities. They are both scarce assets and stores of value that offer an opt-out of government-issued fiat currencies.

Likewise, gold bugs and bitcoiners share a similar mindset in their belief that the current fiat system is broken and we need a sound money alternative.

For some, though, it isn't gold and bitcoin; it's gold vs bitcoin. Peter Schiff is firmly in this camp, and since 2012, he has regularly derided bitcoin, claiming that it has no intrinsic value and is eventually heading to zero.

In this interview, I host a debate between gold bug Peter Schiff and Bitcoin Strategist Greg Foss. We discuss the value of bitcoin & gold, risk management & portfolio allocations and how bitcoin is helping oppressed people around the world.

Transcript

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0:00.0	I still view Bitcoin as being the best asymmetric return opportunity I've seen in
0:09.7	32 years of managing risk. That doesn't mean I don't own gold.
0:15.0	Hello there from El Salvador. How are you all?
0:18.0	Right, it's pretty late here. I've just finished my sinker interview with El Salvador President Nye Buku Cayley and it's for the film I'm making about Bitcoin
0:26.2	I will release the full interview though once the film is out but I've got to save it for that
0:30.8	The film itself is now going to go into edit and we're hoping to
0:33.7	release it in the next four to six weeks, so please be patient as soon as I can
0:37.8	get it out. I will. I'm very excited for you to see everything we've captured
0:41.2	here and also just a massive thanks to everyone
0:43.2	who's helped with making this film out in El Salvador. I do have to catch a flight in
0:48.0	about six hours so I need to go and get some sleep soon and back off to the US I'm
0:51.9	off to see the ghost inside again before heading to New York, Miami,
0:55.5	Vegas, LA and Austin, and hope to see some of you in those places.
0:59.7	Anyway, welcome to the What Bitcoin did podcast, which is brought to you by Gemini, the only place I am buying Bitcoin.
1:05.6	I'm your host Peter McCormack, and today I'm kind of moderating a debate between Peter Sheff and Gregforce,
1:11.2	though I kind of failed as a moderator because I jumped in a bit.
1:14.2	But anyway, before that, I do have a message from my show sponsors, and today we're going
1:18.8	to kick off with my new sponsor, Compass Mining.
1:21.4	Now they're not just a sponsor. I, like most of my sponsors, I become a customer
1:25.8	too. I'm a customer of Compass Mining and I've been mining with them for 23 days now. I've mined
1:31.2	0.77 Bitcoin, which is worth over 3,600 which is pretty cool and it's
1:38.0	really cool to be back mining and I really fucking like these guys actually. It's been an absolute pleasure working with them
	...

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