Peter Schiff on Gold vs. Bitcoin

Peter Schiff, a well-known advocate for gold, outlines his skepticism towards Bitcoin, arguing that it lacks intrinsic value and is highly speculative. In contrast, he champions gold for its historical reliability as a hedge against inflation and its intrinsic value. The discussion also touches on Schiff's perspective on Bitcoin's role in the financial system and its comparison to gold. Check out the full interview linked to this Short!

@peterschiff #bitcoin #gold #financialfreedom
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[birinhos]

I do not see "utility" in the properties of money.
Properties of money:
*Store of value
*Medium of exchange
*Unit of measurement
*Durability
*Divisibility
*Acceptability
*Portability
*Limited supply
*Measuring money
*Scarcity
*Uniformity
*Portable
*Fungibility
*Fungible
*Measure of value
*Money is durable
*Standard of postponed payment

[vincentquaglini]

how does it feel to be wrong for 15 years?

[birinhos]

Intrincic value is not a property of money. Fiat would work well if it was not printsble and scarse

[nealwhite]

you're buying sizzle when there's no steak
😅

[GG-mriz]

Gold is a piece of shiny rock. It had some industrial but not more use case compared to other metals. Yet is more expensive. Gold is high price because people value it more and based on traditional values. Bitcoin is the new gold that wipe out the traditional systems that have kept this order for centuries. Now it’s Bitcoin and cryptorurrencies turn to change the world and leave it legacies for generations to come.

[andrewmanley]

As soon as Bitcoin reaches Gold in Market Cap, Bitcoin will begin to de-monetize Gold. Have fun going down with the ship Peter. It's fun watching you squirm on Twitter.

[davidfranklin]

That's why JP Morgan just bought billions of dollars worth of Bitcoin... Let these blind people linger I'm getting rich off of cryptocurrencies

[TheBitcoinExperience]

Peter still fails to realise or acknowledge that there's no such thing as intrinsic value. All value is subjective.

Gold became the best money we've had for thousands of years because of its monetary properties, not because of its utility in industry. People 2, 000 years ago were not building electronics and other such stuff with gold.

Money can be anything the marketplace chooses. However, it has to have monetary properties like durability, portability, divisibility, recognisability, and scarcity.

[DocHollaDayy]

It's not that it's scarce. It's being hoarded.

[johnistheonlyway]

This guy is not so bright. Yall keep mining for gold and diluting the value.

[birinhos]

Let us imagine that water was rare and had great utilitarian value. It could not be kept in safes to be L1 of the money. would have to be used/consumed. Utility is not a property of money because it is counterproductive to being money.
This is Peter Shiff's last argument and it doesn't work.