Cigarettes are money in prisons, right? Not all the prisoners smoke, but some do, and that gives the cigarettes value because you can smoke them.

But nobody can smoke Bitcoin, right? So there's no use there. I mean people are smoking

something who are buying Bitcoin. But you know, Bitcoin is not the next

evolution. Bitcoin is a step backwards. Welcome to Bankless, where we explore the frontier of internet money and internet finance.

And today we're exploring not a frontier, we're going back to the world of

gold. We've got Peter Schiff on the podcast today if you do not already know who Peter Schiff is.

He's kind of a character. He's been maimed pretty hard by the

crypto industry as this guy who just refuses to be bullish on Bitcoin.

Yeah David Peter just loves gold. I mean he cannot get enough gold.

He loves gold the way Michael Saylor loves

Bitcoin. Maybe even more so. I would love to see those two guys debate by the way.

Oh my God that would be something. Can you imagine? There are some things that we

agree about with Peter Schiff, like the value of hard money,

debasement and fiat currencies, but of course we differ very widely on his stance

towards Bitcoin and crypto.

Since Peter's points are already well known by many in the

space we didn't spend too much energy refuting his stakes about Bitcoin. We

instead just chose to listen and press on in the conversation. We touched on

Bitcoin versus gold of course but also his takes on US fiscal

policy if we should abolish the Fed. What Schiff would do if he were president and some

other fun questions like that? My big question going in this episode actually David was like how does

Peter store his gold and so we asked that in the beginning right basically like

...