Peter Schiff talks gold, calls Bitcoin 'a pure Ponzi' scheme

On this week's episode of Yahoo Finance's The Crypto Mile, our host Brian McGleenon is joined again by renowned gold bug Peter Schiff. Often misunderstood as a critic of blockchain and digital currencies, Schiff took time to clarify his stance. He argued for blockchain technology to be combined with the inherent value of gold to make the precious metal a "better monetary instrument than it was in the past". "We don't have to ignore blockchain technology, we can use it to improve the divisibility and the portability of gold and make it an even better monetary instrument than it was in the past," he added. Schiff argues that gold should be reintroduction as the world's primary monetary reserve, but updated and renewed by blockchain technology. "With the internet, with blockchain, there is a major improvement in the functionality of gold to act as a medium of exchange and as a unit of account," Schiff explained.
#youtube #gold #bitcoin

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[orangespill]

This guy is seriously deluded. Where does he get his information from. Hold on, does his company sell gold to his investors. Of course he does.

[gavinyuen]

hes been wrong about bitcoin for so long, honestly listening to him is a joke

[grog]

This dude has been saying the same thing for years😂🤣😂🤣😂🤣

[stoundingresults]

Anyone remember Non fungible tokens? NFTs are slightly more believable than Bitcoin. Also real estate in the metaverse. And pet rocks. My pet rock ran away. 😔

[constitutionalstacker]

Schiff is right about basically everything EXCEPT Bitcoin. Do I like it? No. Do I personally find it of value? No. Do I have a large base stack of physical gold and silver to allow me to take risks for big potential gains? Yes. Do I keep buying Bitcoin because the world values it? Yup!

[Vampaia]

Also, you mention that Gold has value because it preserves it form over time and has other uses. Bitcoin solves inflation, serves as a store of value, serves as a medium to transfer value, it also preserves it form overtime, can not be faked, and the list goes on; I do see very powerful reasons as to why Bitcoin has value, is gaining more value, and will continue to gain value. Bitcoin and Gold are separate assets. I don’t see the need to compare them outright and if anything, Bitcoin wins because it solves bigger issues.

[thesmalestwhale]

dont be fooled into buying gold, the government has seized private gold before and can do it again. see you at 1 million shiff

[ScienceMinisterZero]

Fiat-bros know that only tax cattle tokens backed by real death threats can be money.

[aaronsalter]

He’s the guy who said the internet, google & FB wouldn’t take off.
And Amazon would never work because people like walking into big box stores……

[itsParadisebaby]

Bitcoin is about to drop like a rock and when you bend over to pick it up you're going to look in the ground for gold.

[dwalka]

It seems Peter does NOT understand bitcoin at all lol

[Vampaia]

No sir! Actually, Bitcoin is backed by all the energy that goes into the proof of work mechanism to create it. Energy backs Bitcoin.

[SachsRealty]

Your backdrop makes this video impossible to watch.

[martinhedlin]

Dude just asked for bitcoin for his birhday! 😂

[SeeTheWholeTruth]

The common mans gold is gone, the ability to raise food and be self sustaining. All by design. And those that wish for gold metal.. had better have far more of the ability to be self sustaining than any others.

[tankburn]

Minerals are extracted for the production of hardware components. A hardware company manufactures and sells mining rigs and components. Power companies or plants derive advantages from the mining operations. Miners and buyers, in turn, profit from holding and selling Bitcoin, particularly as it becomes scarcer or if they dominate the hash-rate. Peter's belief that these coins emerge from nothing is considered misguided. If a portion of gold has been used as currency for 1000's of years then that value will NOT be used in industry and instead an exchange of value. How can one simply overlook this? This means it is far from a speculative value like the other examples these guys use like tulips and bottle caps etc. Good luck in your future endeavours Peter.

[squishyplums]

Peter Schiff year 2022 at $16k bitcoin: "Bitcoin is a Year 2023: Bitcoin at $36k!

[newsmansuper]

Its not though bitcoin is backed by capital allocation..

[Avidcomp]

I still see a fundamental problem about tax. Government has a legal monopoly on the use of force, and governments demand tax. There is no chance that the government will agree to being paid in bitcoin. Now I've not looked into this, but I suspect one could give them gold to settle a tax bill. It seems to me that our political landscape would have to change for the better to an unrecognisable state for the freedoms required for bitcoin to be money.

[joshone]

This guy is not just wrong, but tragically and historically wrong. At this point, his ego is involved and he cannot think past (or worse is dishonest) in his contrarian view on bitcoin. Worst of all, he obviously doesn't understand the technology. He's a dinosaur, chewing cud, looking up, and seeing a bright light in the night sky get bigger and bigger.