Peter Schiff vs Raoul Pal Debate: Bitcoin Going To $0 or $1 Million & A Great Depression Coming? PT 1

Tom Bilyeu's Impact Theory

Impact Theory

News, Business, News Commentary

4.7 • 5.2K Ratings

🗓️ 12 March 2024

⏱️ 96 minutes

🔗️ Recording | iTunes | RSS

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Summary

Welcome to another power-packed episode of Impact Theory, I’m Tom Bilyeu! In today’s episode, we’ve got a hot debate between economists and investing experts Raoul Pal and Peter Schiff as we discuss Bitcoin and the future of the economy. Raoul Pal has become a legend in global economics as one of the most successful former hedge fund managers (retired at 36), and his insights into the current recession, global economy, and volatile markets are well respected. Peter Schiff is a seasoned Wall Street prognosticator known for his spot on predictions of the stock market performance, including gold, commodities, and the mighty dollar. In this debate, we’re touching on: - Value vs. price - Potential currency collapse and its effects - Bitcoin's allure and the comparison with gold standard - Market impact predictions of the 2024 election - AI's potential to alleviate economic problems - Differing ways to prepare for hyperinflation or financial repression - Asset value in a volatile market - Digital vs. physical assets We can agree we are in a time of transition, so what is the next best move? This is just Part 1 of our conversation, so make sure you don’t miss Part 2 of the debate for even more wisdom from Raoul Pal and Peter Schiff. Follow Raoul Pal: Website: https://www.realvision.com/ Twitter: https://twitter.com/RaoulGMI LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/ YouTube: https://www.youtube.com/@RealVisionFinance/featured Follow Peter Schiff: Website: https://schiffradio.com/ X: https://twitter.com/PeterSchiff YouTube: https://www.youtube.com/@peterschiff/featured Follow Me, Tom Bilyeu: Website: https://impacttheoryuniversity.com/ X: https://twitter.com/TomBilyeu Instagram: https://www.instagram.com/tombilyeu/ If you want to dive deeper into my content, search through every episode, find specific topics I've covered, and ask me questions. Go to my Dexa page: https://dexa.ai/tombilyeu Themes: Mindset, Finance, World Affairs, Health & Productivity, Future & Tech, Simulation Theory & Physics, Dating & Relationships SPONSORS: If you purchase an item using these affiliate links, Impact Theory may receive a commission. Sign up for a one-dollar-per-month trial period at https://shopify.com/impact now to grow your business – no matter what stage you’re in. Get 5 free AG1 Travel Packs and a FREE 1 year supply of Vitamin D with your first purchase at https://drinkag1.com/impact. ButcherBox is offering our listeners 3 lbs of chicken thighs, 2 lbs of ground beef, or 1 lb of premium steak tips — for free in every order for a whole year, plus, get $20 off your first order at https://butcherbox.com/impact and use code IMPACT to choose your free offer and get $20 off. Head to https://squarespace.com/impact for a free 14 day trial and 10% off your first purchase of a website or domain. Secure your digital life with proactive protection for your assets, identity, family, and tech – Go to https://aura.com/IMPACT to start your free two-week trial. Take control of your gut health by going to https://tryviome.com/impact and use code IMPACT to get 20% off your first 3 months and free shipping. ***Are You Ready for EXTRA Impact?*** If you’re ready to find true fulfillment, strengthen your focus, and ignite your true potential, the Impact Theory subscription was created just for you. *New episodes delivered ad-free, EXCLUSIVE access to hundreds of archived Impact Theory episodes, Tom AMAs, and so much more!* This is not for the faint of heart. This is for those who dare to learn obsessively, every day, day after day. *****Subscribe on Apple Podcasts: https://apple.co/3PCvJaz***** Subscribe on all other platforms (Google Podcasts, Spotify, Castro, Downcast, Overcast, Pocket Casts, Podcast Addict, Podcast Republic, Podkicker, and more) : https://impacttheorynetwork.supercast.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You're living through a period of volatility brought on by ancient economic forces and a radical
0:06.1	new shift in culture. The realities of the debt cycle have created the need for massive money
0:12.1	printing right at a time where the culture is shifting from a traditional response to a digital
0:18.1	native response. There is no clearer flashpoint than cryptocurrency.
0:22.6	So joining me today for a debate about crypto and what the future holds for the economy is Raup Paul and Peter Schiff.
0:29.6	You are being slaughtered and you don't realize this.
0:32.6	There could be a dollar crisis.
0:33.6	They're debasing the currency by 15% a year.
0:36.6	I mean, it is inevitable that it's going to happen. But does that just mean that we're crazy and that it's going to be fine? I'm not saying everybody is wrong. I'm saying that people that believe in Bitcoin are wrong. You're missing the point. Why the hell would anybody buy these? These are obviously going to go to zero. I'm not concerned about the cliff of death. How do we make sense of these numbers? Or is this a guaranteed slaughter and we just don't know when?
1:00.0	The tension between the way the two of you think has been really instrumental in helping me and I think countless others
1:06.0	build a worldview that will help them navigate different moments in the economy well.
1:11.7	I think right now we're going through a period of just massive transition.
1:16.9	And so I come to the debate between crypto, not crypto, with that in mind.
1:22.3	So to oversimplify your guys' stances, I see Raoul, I see you as pro-crypto. Peter, I see you as
1:31.2	anti-crypto. I know those are really gross simplification. So I'd love to start with, Raoul, if you could,
1:37.1	walk us through your position, how you see crypto, why you think it's valuable, and then Peter will
1:43.0	come to you for your take.
1:45.3	Okay, so I'm, I think we will both agree that things are pretty screwed up. We'll all agree.
1:52.0	What is really screwed up is the world is massively in debt. The workforce is shrinking.
2:00.4	Population's growth is slowing down, it's slowing down GDP growth,
2:04.5	so there's not enough GDP growth to pay or service the amount of debts out there. And what
2:10.8	we found since 2008, that the answer to this debt issue has been printing of more money, debasement of currency. People think of it
	...

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