This wasn’t a debate. This was Peter Schiff explaining economics & money to a new audience. Peter has persuaded Scaramucci at this point also, but Anthony doesn’t want to admit it since his business is now centered around Bitcoin.
I can vividly tell anybody that no job is secured, the only secured source of income is business and investment because with that you can have a good sleep without working under tension or duress
I'm buying gold and silver myself but I have zero debt my house is paid off and i have decent savings could care less about being super rich gonna stick with just protecting my wealth
I think the trick that tricks many is the inability to settle for what they have or what they could have through simply working and being reasonable with money. The thing is not everyone can be rich, and if you think about it, just having enough+, like the basics plus some savings and some spare cash for fun, that's already a lot. That's already more than many if not most people on this planet have.
@@AliBooondok I comprehend very well and I'm not against any of those crypto and blockchain technology. You lack to comprehend the difference between both as they're NOT THE SAME THING.
It's backed by mining operations, the silicon and metals (including silver and gold) that go into the electronics, the manpower needed to mantain the operations and the electricity that it consumes and in a way digitalizes.
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Gold or Bitcoin? Since central banks have gold in their reserves, you be wise to have some physical. But Bitcoin only has 125 million wallets but by 2025 will have a billion wallets. The immediate winner is Bitcoin. But gold will have to be revalued at some point in the future to salvage fiat or digital currencies. CONCLUSION: Better have both!
The bitcoin pumpers could make a 1 million wallets a day using super computers. Just cause the amount of wallets are increasing doesn't mean bitcoin is being used more. The fact remains bitcoin is not a store of value. Too volatile. Nobody wants to watch their life savings swing 10% everyday
I could care less about Bitcoin. I'm about gold, silver and 401k. But yeah Peter is basically an expert on economics. Good luck with your bitcoin dude(I'm not being sarcastic either) It's going crazy in this past week.
I love Peter too! Everything except his arguments that gold is a better MONEY than bitcoin. He understands lots of things and is so smart. He just really doesn't understand what Money really is and is misguided in his thinking. Bitcoin is PURE money but gold is not. Maybe someday he will come around and learn that or admit that if he already does.
Much respect to Tony Scaramucci for being so bold as to debate Peter Schiff on his favourite topic. Looking forwards to returning to this conversation, between these gents, in 3 & then 10 years👍
@@clarkwatson3217 true but take it easy on the mooch. Seems like an alright bloke. Many gold bugs I learnt from for years like Bitcoin now😂 Scaramucci and the Bitcoiners will learn the hard way in the next couple of years.
For humiliating himself? Or making random/irrelevant comments like "We are the last industrial country putting dead white people on our money" or trying to compare Bitcoin to Facebook?
*GOOD VIDEO; EVERYONE NEEDS MORE THAN THEIR BASIC SALARY TO BE FINANCIALLY SECURED, THE BEST THING TO DO WITH YOUR MONEY IS TO INVEST, MONEY LEFT IN SAVINGS ALWAYS END UP USED WITH NO RETURNS,*
Yes, although I'm not laughing. I'm not rich, I only have some common sense, that's what prevented me from buying crypto when so many of my friends were going bonkers about crypto. I still feel sorry for them though.
Gold will be here through a power outage Gold will be here through a tornado Gold will be here through an earthquake Gold always has and always will........remain. The perfect solution for a .......STORE OF VALUE
@@sarahzoethhowland Forget the guns those should be illegal for all or available for all. Buy PM's, Crypto, tools, other useful hard assets for skills. Invest in your health, and learning new skill sets. Invest in traditional assets, via the multitude of options off the stock market. Hold a little Fiat in emergency reserves just in case. Go ONLY for NEED NOT greed regardless.
Honestly, Scaramucci is the wrong person to have debate Peter Schiff on this topic. They’re not in the same league when it comes to economics. Peter Schiff would win against Michael Saylor just as well, but it would be a fairer fight. Scaramucci will be out of the Bitcoin game when it fails & the price crashes. Peter will stay in gold as it rises to 7-10k over the next couple of years, and make a fortune in gold, silver & miners.
I'm new to forex trade and I have making huge losses but recently I see a lot of people earning from it. can someone please tell me what I'm doing wrong
@@bahmak2003 its seen all time highs for BTC and the stock market has done well also. Gold has also done well for me. It's an everything bubble, hard not to be doing well until it pops.
24:30 Gold is not just a representation of value. It is a representation of value and a precious metal used in many of our electronics, jewelry, dentistry, and other manufactured products.
35:40 Moderator completely failed here. She allowed the 2nd party to speak over the 1st, AND THEN SHE INTERJECTED HER *OWN OPINION* That is completely unprofessional, and disrespectful to the participants and the audience.
Peter is wrong . He either doesn’t know it or he deliberately hides it . Money is simply an accounting system . Gold , salt or shells are just the representation of value in that system and they can be replaced by anything else that people agreed upon and has the following qualities : scarcity, divisibility , verifiability, portability , durability. Being a commodity, having and an application or …. have never been in the definition of money .
I like Peter, love watching his talks... But I actually think scaramucci will be proven more right. Not that gold will go away, but I think it's going to increasingly seed ground to digital assets for many reasons. The future is more likely to place a higher value on digital assets than heavy, expensive physical ones, en masse. It may or may not be Bitcoin in 20, 30 years... But, I don't think the trend towards digital asset value is going to reverse trend.
Virtually limitless supply of gold. Still mining thousands of tons of gold annually. Gold barely keeps up with inflation anymore. Difficult to transfer, difficult to store, and impossible to accurately account for all the gold distributed across the globe and under the ground. Bitcoin has none of those problems, and numerous other advantages. Gold is fool's bitcoin. Great paperweight or doorstop, though.
@@intertubedude I see you don't know anything about gold mining... its extremely difficult to even find gold nonetheless mine it. Only few companies exist in the world that mine gold in large quantities. How is gold paperweight? If I make a pretty necklace out of gold and gift it to my wife, she would never sell it. It's extremely valuable to her. Not just monetary value but also emotional value. People pass on their items made out of gold for generations
@@sten260 After thousands of years, miners are still producing thousands of tons of gold every year. Over 80 percent of bitcoin has already been mined, and the last bitcoin will be mined in 2140, a mere 130 years after it was introduced. Gold has emotional value, sure. But bitcoin is far superior both as an investment and as a medium of exchange.
Let's wait 5 years and as it has been so it will continue to run over gold, this is just a dip as we know it does in it's infancy. At the 10 year mark it will challenge gold in terms of market value. At around the 15 year mark it will be the number one currency worldwide. Secure, decentralized and therefor not controlled. Lightening fast secure payments 24/7 without the chance of corruption. It is adopting faster than the internet did.
I can't listen to the rest of this. horrifying moderation. apparently, since the moderator cannot trace the thought being represented in the answers, she's arbitrarily cutting people off from answering just before they've been able to finished delivering the complete explanation... there's no clock running. it's tyrannically arbitrary... if a moderator cannot mentally grasp the complex answers to a complex subject, why are they even moderating the subject? So, all one side of the argument has to do defeat the other is just start talking out of turn and the moderator will cut them off. came heard to hear the reasoning... moderator keeps cutting off the reasoning.
@@bahmak2003 there laughing now with their paper profits haha the bottom will fall it’s a matter of when this is history not the future so many good books are going to be written on the psychology of crypto
@@dc4632So “rekt”, his dividend payer and international value fund were rated 1 and 3 in 2022. Out of hundreds of funds ( number 2 was a goldman value fund). Scaramucci is down over 50% from his ath and peter keeps making bank with his junior miners and commodities. Youre the idiot here
Regardless of what the dollar/gold exchange rate is, I will gladly work for 1/10 of an oz. of gold/hr. I wouldn't do that for an amount of Bitcoin unless I knew how much Bitcoin was worth in relation to some other asset.
Sooner work for Gold, or Bitcoin regardless, then work for Fiat. Fiat is trash, regardless of what your preference is between PM's, and Cryptocurrencies in general. I'd imagine both sides of the fence can agree Fiat is worthless paper.
@@user-gz4ve8mw9l Yeah, it's absolutely worthless paper, because all I can do with it is try to give it to someone else who hopefully hasn't figured that out.
@james mcdowell If gold worked as money then we wouldn't need Bitcoin. But we need Bitcoin because gold is centralized. If we try to use gold as money the government will just seize all the gold.
@@BullsEye3333 I think you are preaching to the choir... I own BTC, ETH and a number of other DeFi coins. Having said that Bitcoin doesn't work as money either.. Like gold, its a store of value asset.. not a currency.
@@BullsEye3333 Gold did work as money for thousands of years. The only reason they removed it was for Central governments to print/more money so countries like the USA can go into never ending debt to pay for welfare and war.
I still see cryptocurrency as one of the best digital investment and i totally love the technology when it comes to the largest crypto asset Bitcoin As a trader, i have been able to understand that there are two sides when it comes to crypto and everyone has their opinions when it comes to choosing sides, though i am not kicking against Hodl, but i see it as an old and odd strategy to make profit of the market as when the market goes bearish investors/traders loses their investment which is always painful, when you can take advantage of the market by involving in day trading or copying trade alert from a professional trader that understand the market and use strategy to generate signals daily to make profit to grow your portfolio. i started with 2.5 BTC and i have accumulated over 11.6 BTC in just three weeks, with the trading strategy given to me by expert trader Paul Singh..
Questions to think about: 1) Is the demand for Bitcoin mostly come from the speculators? 2) Can Bitcoin really facilitate the free flow of capital from one country to another? 3) How much does it cost to insure gold stored at home, and how to not get ripped off when we sell it? 4) Can Bitcoin proivde annoymity to its users like the old Swiss banks? 5) How long will it take for the ultra wealthy individuals to be comfortable to use a crypto wallet?
Yessir. Crypto is volatile, highly speculative and unregulated aka ponzi. That said Blockchain is here to stay. BTC, Eth, I don't see those going away any time soon...the slew of garbage 🗑️ coins... 🤕
Dude announce he was wasting more cash on bitcoin at the end of the interview... that didn't end well. Losing 1/2 the value in half a year is not a store of value. Trade it on momentum if you'd like but do not hodl, it does not belong in a retirement portfolio.
im a huge peter schiff fan, but in this specific case, he doesnt get it. gold has physical properties that make it valuable, malleability, conductivity, etc. bitcoin has mathematical properties that make it valuable, cant be duplicated, forged, centrally controlled. these properties are not physical i agree, but they are still valuable, their value is precisely that they make for a good store of wealth. much better than gold because if you do it right you can keep a billion dollars of value safely, how do you keep a billion dollars of gold? you need a safe facility, security personnel etc. even if you just want a couple of bars at home, theres a risk. if you dont have the physical gold yourself then you dont really have any security. with FIAT youre trusting the goverment to do the right thing, with gold thats stored somewhere else youre trusting a company of people to do the right thing. In case of a global collapse which Peter Schiff insists is imminent, Id rather have a file with multiple backups and multiple encryption layers, that depends on a password that only lives inside my and my immediate families brain.
You work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10k in a meme coin for months ago and now they are multimillionaires digital currency is amazing.
What I found absolutely hilarious is that Mr. Schiff says Bitcoin and Gold have nothing in common, then goes on to try and compare them throughout the whole debate.
Visited the History museum here in Stockholm, Sweden this summer. There was a huge collection of Viking treasures, mostly gold and silver. One of them consisted of gold coins and necklaces at a weight of 10 kilograms (352 ounces of gold). I could literally take the treasure, melt it down and retire with 650 000 $ in the bank even though the coins were made over 1000 years ago. This pretty much proves Peter's point.
Nobody is saing it it is not true. But untill you get these treasures (how?), melt them down (where?), find a buyer (how?) and trade it, you can send this amount of money in BTC anywhere in a few minutes...
@@karelkral9706 I think you're missing my point entirely. This treasure came from a wealthy family 1000 years ago and it has kept its value for all that time so I could, in theory, melt it down to obtain the same purchasing power. That gold can still be used in electronics or for whatever industrial purpose so the demand is still there like it has been for thousands of years. A bitcoin can't be used for anything at all.
@@Elmgren76 Agreed - until your last sentence. Bitcoin is a network and a unit of price in that network. You cannot send value in gold around the world in seconds. You can send bitcoin/satoshis anywhere anytime with very small costs and (with caution) anonymously. And one more thing to think about - where was value of gold for Vikings when they did not use electronics? :-)
@@karelkral9706 It's easy to transfer ownership of gold in a vault. Gold obviously had value for the Vikings, for Egyptians and for everyone else for the last 6000 years. Arguing with crypto people is like arguing with Jehova's witnesses - pointless. The main question that nobody answers is "what can you do with a Bitcoin"? Well, transfer it to someone else, that's it. It's completely useless and worthless.
First ten seconds in and I already disagree with the proposition made. The world economy hasn't plunged into a crisis 'thanks to Covid-19', it already was in a state of crisis thanks to government monetary policy, and the government's reaction to Covid-19 has brought that crisis to a whole new level.
First of all....skip to 2:45 for commentation of meaning between Peter and Anthony. Secondly....no one negates Gold as a store for fighting inflation. What most people recognize is that gold...cannot be taken with you...'on the fly"...it's probably going to be confiscated in anything more than in "collectable coins"....Collectable coins are a terrible way to buy gold. I've learned this after buying them...and then seeing the resale value upon considering doing so. They do NOT follow the Spot Gold pricing resales scenario that bars for example do. (only buy bars of various sizes). Money is finally "ascending" now. Gold was the old paradigm...and despite it's 5,000 year importance...technology is taking over now...as it must. Money is corruptible, with governments stealing people's money - literally and figuratively. Period. Gold would still be a good moderator of/for the Fiat currency if we could dig enough of it up to back Fiat currency. People don't want or need governments to "be 3rd parties to all of our transactions" in society...which, it's becoming. Peter,....how does one "speak to you sir"...unless they are ready to purchase $1,000,000 worth of your Schiff Gold?" Answer: One can't. Your time is too valuable to you...which we all understand. Our time; as laborers, drivers of trucks, nurses, CPA's, welders and such...is valuable too. We need a vehicle to believe in that can drastically increase our wealth in the next "ten" years...not just be a hedge against inflation. We need to buy houses with either Crypto/cash now. What other way/means is the common person with a simple "4-year-college-degree"...going to make enough "money" in this world, at this time...to do so sir? We only have ONE shot. Crypto is it. Decentralizing ideas, investments, money is paramount now to surviving the coming cataclysm about to escalate in 2022. Peter....we need to move past "a physical thing that one needs to hold onto physically now"....to move forward. Having something other than gold as a store of value...can be more than a "thing that one holds onto physically now". Also Peter,....we're NOT going to be here in 100/1000 years; read the Book of Revelations. The "Greater Fool' idea doesn't hold up either. Money is being made worthless now with Q. Easing which you're well aware of....it's your number one argument for the "need for gold". Copper has a much more valuable "worth" in industry than Gold or Silver,...but the psychological value is seen to be higher due to the "level of scarcity". So...final statement; we need to have both now. We need to fight inflation...if we're old enough and have worked long enough for "American Corporations who steal, cheat and wreak lives in a Capitalist society"...to have some gold. Yes...if you're a kid; under 30...buy crypto now...and good chances are...by 2025...if you sell your Crypto gains...you'll never need to go to college, you'll buy a house with a nice "hot tub" and a respectable spouse to live your life. The network is growing daily....like it or not...crypto is here to stay; transient value or not.
To answer the moderator's question "when will we see?" We will all see whether cypto currencies are a viable, enduring asset that holds its perceived value when the next major global financial/monetary crisis occurs, not a crisis like that of 2008, the Great Depression, or COVID-19, but something many times worse e.g. a full on EMT event, or a major cyber attack against the world's major global financial centers. It can be something like these two events or something else that will prove to be THE test that, will cleary show the whether crypto currencies and their networks are viable and a good store of value. Gold ALREADY has an established track record for withstanding local and global crises that pre-dates Bitcoin and other cryptos by thousands of years, it has proven its staying. Crypto currencies, ETFs, derivatives, and other relatively newer financial products are the new kids on the block that have yet to be tested, tried by fire, like gold, to prove their mettle when the next BIG crisis hits.
Good luck trying to move your gold across a border during war time. Good luck to have ANY gold when the government has to fund their war and they confiscate it like they have before. Those and other similar events are just not possible with Bitcoin.
True Tony....one buys Gold to hedge inflation....if they have any expendable income (not many)...and yes...most investors hold Cryptos now...on an emotional belief that we can make enough "value" to live...without holding a tambourine in some allay to eat. US money is "stabbed and dying a bloody death now". So what...we trade our meager savings for Gold now...with a 1% growth rate yearly?
Peter Schiff is right the solution is a gold-backed cryptocurrency that already exists standardingold the founder and CEO Oliver Antunovic from Vienna has proclaimed the gold standard💪
Antony is too kind on Peter. JPM paid billion last year in fines for manipulating the price of gold through the issuance of derivatives. Anthony is so quiet and Peter is so loud. Confidence is quiet and Bitcoin is freedom…a freedom that only the most suppressed and or the wise seem to understand ✌🏼
@@bahmak2003 because the price can be kept artificially low by dumping a load of paper gold or silver into the market. through this the price of physical gold is skewed by a paper supply which has the dual effect of allowing central banks of various nations to buy gold at a cheap price and discourages the population from buying gold. however when the paper price is no longer valued and people start demanding physical gold then the imbalance created by using paper contracts to suppress price puts upward pressure on price. that is, in short, why the price of gold doesnt make massive moves when central banks buy it.
Ill say this once. If you're stuck on an island alone, or even with 10 ppl, or 100, no one will value either gold or bitcoin. The point is that even value can be subjective not objective as peter claims about gold. Its truly all subjective. That said, I like them both for slightly different reasons.
Gotta say, gold would be more useful though. You could hammer it into a bowl shape and use it to cook. It has just about the best heat transfer properties. The Bitcoin would be utterly useless.
One of the things I found super strange was that everyone I know who dealt in crypto, had the same approach - not to sell. In an organic market people would have various approaches, some would be keeping crypto, others would buy a bit, sell with a profit, then buy again, others still would do a bit of both. But with crypto it's been like a cultish behaviour, as if someone influenced people to act the same.
Yeah but people were buying internet companies not the internet itself. Ask yourself, how many internet companies survived the dotcom crash? It's the same with crypto. The crypto network may very much change the world but people aren't buying the network, they're buying individual crypto out of thousands. How many will survive and what will survive, no one knows.
@@SugarRoll also block chains are projects, most of them die and probably 95% of the thousands of coins available are scams or will die, do you see the similarities now?
@@lehast The similarities are clear to me right from the start which is why crypto has no place in my portfolio. I'd rather put my money in non-bubbles.
Anybody with common sense would be with Peter. That's not a dig against crypto either.... Obviously people made money from bitcoin and all. But gold is forever.
@@jamesdean7756 you're embarassing to reply to.... Your argument doesn't prove anything. Okay he said 5% of his portfolio is gold... And how much of his portfolio is Crypto??? He's not saying to invest all your money in gold... He's simply saying gold is better than crypto. He's not trying to tell you can get rich off gold... He's just saying overall its smarter to buy gold over crypto. That's like me saying Chicken salad over Tuna, and you calling me a fraud cause I only eat Chicken salad 5% of the week.... Lol if I'm not consuming any Tuna than I legitimize my argument for chicken salad being better. This isn't rocket science.... By the way I know you got this stupid argument from Richard Hart. Horrible argument
@@mathiaskanuck6759 no dummy. I’ve been listening to that idiot schiff since 2008 I think I’m talking hundreds of his videos I used to be one of his zombies like you back then he mercilessly bashed the stock market repeatedly… kept saying a market crash was imminent while others laughed at him that he was debating about that prediction. he continued this stupidity fir many many years and would never admit he was wrong about the stock market and those who followedvhis advice religiously missed out on incredible gains now that he knows he’s wrong and can’t deny it anymore he tries to say basically well I’ve been in Stocks all along and one should only have 5 to 10 percent. He has 180d dramatically RH called him our for it and if you really have been following shifthead long enough you would know this
She interrupted when they were speaking directly to each other going back and forth and good moderator leaves them be. I as an audience member want to see blows thrown that’s the point of a debate
The only people who beat the Bitcoin drum loudly are those who have already taken a significant position in it. When they had this conversation Bitcoin was over $50k. Now it's at $17k. Anthony and his clients have lost a lot of money.
I know right, it's honestly just a pump and dump. I understand people using it like it's a slot machine but people who actually believe it has real value are the greatest fools. Right now it is at 26k but was recently at 30k so people who are investing during 30k lost around $4000
@@itssteve6018 that’s bc quarter there’s so much money out there for free. Peters point isn’t a pullback in Bitcoin, that’s why it’s speculative, he’s talking about an economy crash/pullback to see how Bitcoin holds up then.
@@elementaltamago1297 - But, there is something to speculate on Bitcoin. It happens to be the biggest and most powerful network in the world as we speak. With only about 2% global adoption right now, a five fold adoption rate would dramatically affect the price of BTC.
@@sten260 it’s Peter Schiff that’s so dumb that his son Spencer don’t even believe on him!😂😂😂 His son is investing into bitcoin! Schiff was already spouting against bitcoin when it was at 1 dollar, saying it will go down to zero and will never hit 50k!😂😂😂 So who’s the dumdum?
I can't believe I'm going to refute anybody as smart as Peter Schiff but he said that gold is the most useful element on the periodic table for applications. He is wrong, it is silver that has thousands of uses and blows away gold in all respects for practicality and usability, it is for the gold men like Schiff, silver is the holy metal, the new paradigm, the Slayer of werewolves and vampires. Peter Schiff never brings up silver whatsoever. I guess he doesn't have any financial interest in it to pimp the shiny white metal, don't forget he sells gold
What is the higher and better use of bitcoin? You can buy spot price gold and turn it into gold wire, gold foil, an engagement ring etc etc... all you can do with bitcoin is buy and sell it.
You can store personal data, intellectual property, ownership of land on the biggest and most powerful network in the world that happens to be decentralized over millions of servers globally.
@@Vanbrusa - Well, you can do all of that on the Bitcoin network. Which happens to be the biggest and most powerful network on the globe with millions of validating servers that is completely decentralized and immutable.
@@islandbee So you mean I can store my personal pictures on the bitcoin network? And all of my tax documents which I keep on a cloud drive? And I can store the deed to my house on this network? I no longer need to pay the $5/ month for iCloud? Does owning a higher quantity of bitcoin allow me more and more storage space, or could I just keep trading around the same Satoshi? Genuine questions because I'm trying to understand the inherent value.
Companies could go to zero, Bitcoin will go to zero. Eventually. It could hit a high of 500,000 for all we know; that is before there are no more new buyers, and the price action eventually and inevitably edges lower and lower as there are no new buyers to pay higher prices. That’s if governments even allow it to get that far.
If you can buy something for nothing or next to nothing that's its intrinsic value Bitcoin when it came out you could buy it for next to nothing but gold and silver you could never buy for nothing it's always expensive even if you go back a thousand years it's still expensive at the time thank you.
Exactly this. Bitcoin only went up because people started to think other people would want it due to its limited supply. It has no value unless you can sell it to someone who doesn't realize it's worthless.
There are lots of uses for gold that are inviabilize due to its cost. If we found a huge amount of gold suddenly the demand you explode, because we can use it for so many new things. So the market would not collapse. The price will fall, but the world will be better and society will be better because a scarce and important commodity is now more cheap and available. Crypto can't do that.
Bitcoin is necessary for store of value for the world. Are you going to store value in gold? I don't think so. In real estate? perhaps. But real estate is terribly illiquid. Are you going to store value in stocks? Yeah but a stock is dependent on the company's earnings and other financial factors. Bitcoin on the other hand is immensely liquid, borderless, decentralized, permissionless, predictable in its emission schedule, and of course finite.
Honestly, in my opinion, the point is not that gold, being a physically tangible material, has an intrinsic value, i.e. the value corresponding to a material from which things can be made. Rather, the point is why gold has a higher value than for example steel, silicon, zirconium or even silver? materials with which you can also make things. For me the answer is obvious, because we as human beings have given it to them throughout history. Actually silicon or if I dare oxygen is much more relevant to our civilization than gold, however 1kg of gold, even now, still has much more value. Actually a gold watch is only more valuable than a steel watch because gold is worth more, but not because it intrinsically works better or is even more beautiful because it is made of gold. I personally do not find gold objects particularly aesthetically pleasing. We could therefore say that if one day the "crazy supply" that considers gold to be more valuable and more beautiful than steel, silver or silicon runs out, its value could plummet. Yes, I know it would still exist physically and it would have some value, of course as long as someone wanted to buy it, I guess the law of supply and demand is not suspended for gold, right? A bitcoin is not something physical, it is just a code represented in a blockchain, and it has no greater utility than to represent a value - it is not a code that serves for anything beyond representing itself. Any computer application, the same youtube or google are ultimately code, but despite not being tangible or "being able to build jewelry with them" no one doubts its value, but its value lies in its utility, it is not the case of Bitcoin as a code. But it is not the pretension of Bitcoin either (in any case it is the pretension of blockchain). Bitcoin is, like most of the dollars and euros that we handle daily (the people of the first world of course) only a code in a computer, and just as dollars and euros its value lies in its usefulness as a medium of exchange to sell or purchase goods and services, neither the computer code that represents a dollar or a euro serves for nothing more than to represent itself. The advantages as a currency of BTC (or any crypto) are very clear and are well known (decentralization, non-inflationary, traceability, speed, no intermediaries, etc.) and for me it is very clear that cryptocurrencies will be the currencies of the future, hopefully free and decentralized and in the worst case we will have the CDBC. Therefore we can conclude that trading with BTC is no more or less dangerous than trading with dollars, pounds or euros, it is just another pair, whose volatility must be calibrated at all times. Now, as a reserve asset is comparable to gold?, I think that to answer this question we must first answer ourselves to these other two questions: How many investors really buy gold because in case it loses all its value at least they will always have a piece of metal with which they can build something? How many real investors buy gold because they believe that its value will be maintained in times of crisis and do not even contemplate that it could lose all its value? If we put the majority of investors in the second case, we are equating it to BTC, and in both cases, as in any investment, we will be assuming risks, either due to obsolescence or lack of consolidation.
As a Turk, would you rather hold your money in Turkish liras or American dollars? If you said dollars, then you understand money. It's the same question re Bitcoin.
Every crypto investor right now just smiling at the price of crypto as it held strong and indeed valuable enough to generating good ROl.more person are gonna become millionaires and we have crypto thanks for that
My comment, after watching hours of video and plenty of days trying to decide where to put my money is: I like both Bitcoin and gold, but I honestly don’t see myself walking down the street to try and trade with someone using gold, I could however, see myself trying to trade with someone using Bitcoin. There’s my vote for now anyway.
I want you to try something. Buy 10oz of silver. That's about $260 give or take depending on premium. When you get it, hold it. Feel it. Know that you are holding real currency in your hands. It has value. Admire how cool it looks. Then buy $260 of bitcoin. Look at that number on your screen. If after that you still think bitcoin is the way to go, then I don't know what to tell you besides....good luck.
@@ryanturner8577 the problem is gold and silver have already been captured they can print more gold and silver now. So the question is how do we fix that problem cause if we don't we can never go back to gold or silver.
Clearly, both gold and bitcoin will coexist into the future, both storing value. But the youth are not interested in buying gold, they are not even interested in buying stocks. That will be a problem for the future of gold. In 20 years' time, most of the people who value gold will be passed on.
Not really. Young people were never big gold investors. The fact that they are investing in cryptos now does not mean they will continue to do so in the future.
People get hung up on the "price". Its all relevant if you had bought $5 worth of gold in the year 200AD you'd be a millionaire by now. Gold is too hard to self custody for many young people who are still transient and paper gold is a scam and they know it.
![Scaramucci Vs Schiff on Bitcoin and Gold [2021] | Intelligence Squared](/img/1.gif)
What do you make of Scaramucci and Schiff's arguments? Did they persuade you?
Both guests behaved well. Mr. Scaramucci only gave theory
This wasn’t a debate. This was Peter Schiff explaining economics & money to a new audience. Peter has persuaded Scaramucci at this point also, but Anthony doesn’t want to admit it since his business is now centered around Bitcoin.
Crypto is an accounting system, nothing more.
@@conspiracyburger7516 that's right
Neither persuaded me...glad there are subsequent debates on this topic in the works. I’ll be tuning in.
One thing I noticed is that these two millionaires have a lot of books.
Millionares ?
"KnOwLeDgE" - Tai Lopez
It's just a backdrop to flex knowledge in reality maybe they read like two books off the shelf
The only book that will benefit them in the hereafter is the Quran.
success leaves clues brother
The co-founder of private equity firm Thoma Bravo told CNBC that institutional adoption would fuel higher prices
@Rhodri Owen I believe any where I am God helping us there must be a means of survival
I make good income weekly from bitcoin mining and its been my reliable source for income
@Nia Harri Thanks to Mrs Sarah for her good financial support and advise
I can vividly tell anybody that no job is secured, the only secured source of income is business and investment because with that you can have a good sleep without working under tension or duress
@@kelvinrawn7755 Wait, which of the Mrs Sarah are you talking about?
I'm buying gold and silver myself but I have zero debt my house is paid off and i have decent savings could care less about being super rich gonna stick with just protecting my wealth
I think the trick that tricks many is the inability to settle for what they have or what they could have through simply working and being reasonable with money. The thing is not everyone can be rich, and if you think about it, just having enough+, like the basics plus some savings and some spare cash for fun, that's already a lot. That's already more than many if not most people on this planet have.
Peter nailed it well. THEY ARE 2 DIFFERENT PRODUCTS. Very hard to compare bitcoin and gold as they have nothing to do with each other.
No doubt that gold is a metal . But gold as money is inferior to BTC
You lack any ability to comprehend the way the world is going.
@@AliBooondok I comprehend very well and I'm not against any of those crypto and blockchain technology. You lack to comprehend the difference between both as they're NOT THE SAME THING.
@@red149 That must be why crypto are marketed as coins that look like gold.
Great marketing technique that has sucked in millions.
@@jackohere1878 well the idea was to mimic gold and add the features it is missing
Peter got Anthony in his feels lol. " its backed by maths ? " had me dead lol
It's backed by mining operations, the silicon and metals (including silver and gold) that go into the electronics, the manpower needed to mantain the operations and the electricity that it consumes and in a way digitalizes.
Yes, it's backed by math in order to provide safety, research PoW (Proof of Work)
@@cris694 I'm not saying it's not backed by math. But there's also tangible assets in mining operations backing it.
His apparent inability to understand backing is shocking as an expert. He confused math and currency exchange as backing.
Next up! SCHIFF VS SAYLOR. Bring it on!
Saylor will wipe his ass with Schiff 😂
@@jamesmcdowell8742 saylor is a loony toon
Saylor has no chance against Peter Schiff
Agreed, but according to Schiff, Saylor has actually turned down every opportunity he's been given to debate him.
@@somerandomvertebrate9262 Not a very credible claim, considering it's coming from Schiff directly. If Saylor acknowledges it, then it would be.
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Peter mopped the floor with anthony lmaoo it wasnt even close
Gold or Bitcoin? Since central banks have gold in their reserves, you be wise to have some physical. But Bitcoin only has 125 million wallets but by 2025 will have a billion wallets. The immediate winner is Bitcoin. But gold will have to be revalued at some point in the future to salvage fiat or digital currencies. CONCLUSION: Better have both!
The bitcoin pumpers could make a 1 million wallets a day using super computers. Just cause the amount of wallets are increasing doesn't mean bitcoin is being used more. The fact remains bitcoin is not a store of value. Too volatile. Nobody wants to watch their life savings swing 10% everyday
As a Bitcoiner…how can you not love Peter. He’s truly family
I could care less about Bitcoin. I'm about gold, silver and 401k. But yeah Peter is basically an expert on economics.
Good luck with your bitcoin dude(I'm not being sarcastic either) It's going crazy in this past week.
I love Peter too! Everything except his arguments that gold is a better MONEY than bitcoin. He understands lots of things and is so smart. He just really doesn't understand what Money really is and is misguided in his thinking. Bitcoin is PURE money but gold is not. Maybe someday he will come around and learn that or admit that if he already does.
@@mathiaskanuck6759 how old are you
@@zeon_cipher5799 31 why?
@@mathiaskanuck6759 cuz your an idiot if you think gold is more useful than crypto tech
The host needs to talk less and let the guest talk more
Exactly soooo rude❗️
she's a idiot and gives petter all the time he wants and laughs at all his crappy insults she also lacks intelligence, how ironic.
@@btcberg3615 salty much!
@@krisjones4051 not really I've seen my wealth increase at least 600% over the last 12 months
VERY ANNOYING HOST!!!
"at the end of the day...at least you had a flower".
HAHAHA 😆
Take this conversation on a Rogan-esque podcast where u don't have a moderator butting in because of time constraints
Much respect to Tony Scaramucci for being so bold as to debate Peter Schiff on his favourite topic.
Looking forwards to returning to this conversation, between these gents, in 3 & then 10 years👍
Goldman-Sachs backs gold, as do I.
I've been a Major-General Goldwhale since I was a wee chap and I've engaged in gold-mackhn since I was a lad kd🐑
Gold, gold & more gold!
Mooch is such a coward and so easily triggered. Not to mention he is wrong always in politics
@@clarkwatson3217 true but take it easy on the mooch. Seems like an alright bloke. Many gold bugs I learnt from for years like Bitcoin now😂
Scaramucci and the Bitcoiners will learn the hard way in the next couple of years.
For humiliating himself? Or making random/irrelevant comments like "We are the last industrial country putting dead white people on our money" or trying to compare Bitcoin to Facebook?
*GOOD VIDEO; EVERYONE NEEDS MORE THAN THEIR BASIC SALARY TO BE FINANCIALLY SECURED, THE BEST THING TO DO WITH YOUR MONEY IS TO INVEST, MONEY LEFT IN SAVINGS ALWAYS END UP USED WITH NO RETURNS,*
I totally agree with you, the Crypto market is the most profitable venture I ever invest in.,
I reached my goal of $500k yearly trade earnings.Setting realistic goals is an essential part of trading.,
most intelligent words I've heard,
Crypto is the new gold,
I'm a huge fan of crypto, I hold some few coins in my wallet.
Gold-rich people's money
Silver- poor people's gold
Bitcoin-foolish people's gold🤣
Still listening to Schiff the stiff after today?
Yes, although I'm not laughing. I'm not rich, I only have some common sense, that's what prevented me from buying crypto when so many of my friends were going bonkers about crypto. I still feel sorry for them though.
@@frusia123Crypto? Or Bitcoin
Come back after 2025 and we will see
@@reallyshel Both. It doesn't matter, it's the same old story about getting rich quick. It never works.
Gold will be here through a power outage
Gold will be here through a tornado
Gold will be here through an earthquake
Gold always has and always will........remain.
The perfect solution for a
.......STORE OF VALUE
If you're planning on the zombie apocalypse, buy gold and guns. If you're living in today, buy crypto and water futures.
@@sarahzoethhowland I say one is for savings and one is for checking. They're not enemies.
@@demariusparmer4497 Yeah, as long as when you're paying me it's from whatever is in your savings, then I agree. Lol
@@sarahzoethhowland Forget the guns those should be illegal for all or available for all. Buy PM's, Crypto, tools, other useful hard assets for skills. Invest in your health, and learning new skill sets. Invest in traditional assets, via the multitude of options off the stock market. Hold a little Fiat in emergency reserves just in case.
Go ONLY for NEED NOT greed regardless.
Gold will also be here thru extreme solar flares that cause EMPs
Honestly, Scaramucci is the wrong person to have debate Peter Schiff on this topic. They’re not in the same league when it comes to economics. Peter Schiff would win against Michael Saylor just as well, but it would be a fairer fight. Scaramucci will be out of the Bitcoin game when it fails & the price crashes. Peter will stay in gold as it rises to 7-10k over the next couple of years, and make a fortune in gold, silver & miners.
Peter was right.
Lol say what? Schiff the stiff just got rekt today Regulators Mount Up lmao
Still right ?????
I'm actually tired of working about stocks...it's driving me nuts these days, I think crypto investment is far better than stock..
Trading crypto has been a lucrative way of making money
Stocks are good but crypto is more profitable
I'm new to forex trade and I have making huge losses but recently I see a lot of people earning from it. can someone please tell me what I'm doing wrong
all you need is a professional trader else you will continue making losses
How can someone know a professional account manager that is trustworthy when legit once are hard to find this days
In good times, give me some BTC. In rough times, I'll stick with gold.
Lol is covid time a good time for you?
@@bahmak2003 its seen all time highs for BTC and the stock market has done well also. Gold has also done well for me. It's an everything bubble, hard not to be doing well until it pops.
@@evanm.4304 lol gold can’t even keep up with inflation! Compare to its last ten year price gold is at negative!😂😂😂
@@bahmak2003 doing fine for me. I bought it at roughly 1,300 and it's been between 1,700 - 2,000 ever since.
@@evanm.4304 bitcoin is not doing fine for me, bought it at under 100usd, and now it’s just over 45!😂😂😂
Even though Peter is anti-Bitcoin, he is loved and a respected figure in the crypto space, it just wouldn’t be the same without him. We love you!
Nope, he’s the meme of bitcoin! 😂😂😂😂
@@bahmak2003 That's the point 😏
24:30 Gold is not just a representation of value. It is a representation of value and a precious metal used in many of our electronics, jewelry, dentistry, and other manufactured products.
Use of gold is limited in a digital world! 🌎
@@RandyJism What's your point exactly?
Just that "gold" has some limitations that's all! Not said with negative intent!
@@RandyJism Ahhh! I was just trying to figure out what point you were trying to make with your statement :)
I love bitcoin but Peter definitely won this debate
Nope he lost😂😂😂😂
@@bahmak2003Peter has lost before, just not this one
35:40
Moderator completely failed here. She allowed the 2nd party to speak over the 1st, AND THEN SHE INTERJECTED HER *OWN OPINION*
That is completely unprofessional, and disrespectful to the participants and the audience.
Peter wins. Ultimately, he is right about gold.
Peter is wrong . He either doesn’t know it or he deliberately hides it . Money is simply an accounting system . Gold , salt or shells are just the representation of value in that system and they can be replaced by anything else that people agreed upon and has the following qualities : scarcity, divisibility , verifiability, portability , durability. Being a commodity, having and an application or …. have never been in the definition of money .
I like Peter, love watching his talks... But I actually think scaramucci will be proven more right. Not that gold will go away, but I think it's going to increasingly seed ground to digital assets for many reasons. The future is more likely to place a higher value on digital assets than heavy, expensive physical ones, en masse. It may or may not be Bitcoin in 20, 30 years... But, I don't think the trend towards digital asset value is going to reverse trend.
Virtually limitless supply of gold. Still mining thousands of tons of gold annually. Gold barely keeps up with inflation anymore. Difficult to transfer, difficult to store, and impossible to accurately account for all the gold distributed across the globe and under the ground.
Bitcoin has none of those problems, and numerous other advantages. Gold is fool's bitcoin. Great paperweight or doorstop, though.
@@intertubedude I see you don't know anything about gold mining... its extremely difficult to even find gold nonetheless mine it. Only few companies exist in the world that mine gold in large quantities. How is gold paperweight? If I make a pretty necklace out of gold and gift it to my wife, she would never sell it. It's extremely valuable to her. Not just monetary value but also emotional value. People pass on their items made out of gold for generations
@@sten260 After thousands of years, miners are still producing thousands of tons of gold every year.
Over 80 percent of bitcoin has already been mined, and the last bitcoin will be mined in 2140, a mere 130 years after it was introduced.
Gold has emotional value, sure. But bitcoin is far superior both as an investment and as a medium of exchange.
Anthony Scaramucci is the best testament that reading tons of books don't make you smart.
Schiff the stiff is a bad actor and got rekt today but keep listening to actors
I m not sure you're smart roman boy. Is your sound working?
This will be played for years to come & Peter will have called yet another bubble, BTC now sitting 21k
Let's wait 5 years and as it has been so it will continue to run over gold, this is just a dip as we know it does in it's infancy. At the 10 year mark it will challenge gold in terms of market value. At around the 15 year mark it will be the number one currency worldwide. Secure, decentralized and therefor not controlled. Lightening fast secure payments 24/7 without the chance of corruption. It is adopting faster than the internet did.
Schiff is proven correct by the future time and time again, total genius and a national treasure.
He's been calling it a bubble since it was $10 lol Schiff the stiff got rekt today Regulators Mount Up
@@ExtendedSack keeping that same energy today buddy Schiff the stiff!
Easy to call a bubble when you're always calling a bubble lol.
Peter is 1,000% CORRECT !! Common sense!!!
Peter is 21 million wrong! 😂😂😂
I can't listen to the rest of this. horrifying moderation. apparently, since the moderator cannot trace the thought being represented in the answers, she's arbitrarily cutting people off from answering just before they've been able to finished delivering the complete explanation... there's no clock running. it's tyrannically arbitrary... if a moderator cannot mentally grasp the complex answers to a complex subject, why are they even moderating the subject? So, all one side of the argument has to do defeat the other is just start talking out of turn and the moderator will cut them off. came heard to hear the reasoning... moderator keeps cutting off the reasoning.
Argument resolved by reality 2022. AND STILLLL! Peter Schiff
Schiff vrs Saylor now that would be a debate...
He would never do it because he would have too sell after
Crypto would crash afterwards 😂
Peter will become more of a laughing stock for bitcoiners!😂😂😂
@@bahmak2003 there laughing now with their paper profits haha the bottom will fall it’s a matter of when this is history not the future so many good books are going to be written on the psychology of crypto
@@peterjohn7045 lol it’s not paper profit you idiot!😂😂😂😂
Already bought a farm and rental houses from btc profits!😂😂😂😂
I couldn't keep listening to the lady in charge of the debate
The people that corrupted cash are inventing digital , big worry huge.
Yup
Can't help but admire Peter's conviction, knowledge and debating skills.
Still admiring Schiff the stiff lol boy got rekt
@@dc4632So “rekt”, his dividend payer and international value fund were rated 1 and 3 in 2022. Out of hundreds of funds ( number 2 was a goldman value fund). Scaramucci is down over 50% from his ath and peter keeps making bank with his junior miners and commodities. Youre the idiot here
Regardless of what the dollar/gold exchange rate is, I will gladly work for 1/10 of an oz. of gold/hr. I wouldn't do that for an amount of Bitcoin unless I knew how much Bitcoin was worth in relation to some other asset.
Sooner work for Gold, or Bitcoin regardless, then work for Fiat. Fiat is trash, regardless of what your preference is between PM's, and Cryptocurrencies in general. I'd imagine both sides of the fence can agree Fiat is worthless paper.
@@user-gz4ve8mw9l Yeah, it's absolutely worthless paper, because all I can do with it is try to give it to someone else who hopefully hasn't figured that out.
@@TXLionHeart are you not accepting fiat then?😂😂😂
@@TXLionHeart lol but you’re accepting dollar!😂😂😂
And you use dollar almost everyday!😂😂😂
Would you accept gold if it had no fiat value?
It shouldn't be an argument of Bitcoin Vs Gold... it should be about both of them Vs Fiat currency and the government financial system....
The problem with Gold is that central banks own 25 percent of it and they can manipulate the price. Saylor will destroy Schiff in a debate.
@james mcdowell If gold worked as money then we wouldn't need Bitcoin. But we need Bitcoin because gold is centralized. If we try to use gold as money the government will just seize all the gold.
@@BullsEye3333 I think you are preaching to the choir... I own BTC, ETH and a number of other DeFi coins. Having said that Bitcoin doesn't work as money either.. Like gold, its a store of value asset.. not a currency.
@@BullsEye3333 Gold did work as money for thousands of years. The only reason they removed it was for Central governments to print/more money so countries like the USA can go into never ending debt to pay for welfare and war.
@@kevintomman5354 Peter always openly challenges Saylor, it's Saylor that's not responding.
I still see cryptocurrency as one of the best digital investment and i totally love the technology when it comes to the largest crypto asset Bitcoin As a trader, i have been able to understand that there are two sides when it comes to crypto and everyone has their opinions when it comes to choosing sides, though i am not kicking against Hodl, but i see it as an old and odd strategy to make profit of the market as when the market goes bearish investors/traders loses their investment which is always painful, when you can take advantage of the market by involving in day trading or copying trade alert from a professional trader that understand the market and use strategy to generate signals daily to make profit to grow your portfolio. i started with 2.5 BTC and i have accumulated over 11.6 BTC in just three weeks, with the trading strategy given to me by expert trader Paul Singh..
I have once heard about this Paul Singh and his wonders on crypto analysis, how can i reach him i really need help in this bear market now.
@Justus Pauli thanks I'll write him immediately
Appreciate the insight will check him out, i have to start trading because holding is so dangerous
You can speculate in cryptos but not invest.
So Warren Buffet is a hack? Is that what you’re saying?
Questions to think about:
1) Is the demand for Bitcoin mostly come from the speculators?
2) Can Bitcoin really facilitate the free flow of capital from one country to another?
3) How much does it cost to insure gold stored at home, and how to not get ripped off when we sell it?
4) Can Bitcoin proivde annoymity to its users like the old Swiss banks?
5) How long will it take for the ultra wealthy individuals to be comfortable to use a crypto wallet?
This aged well. Past debates always seem to vindicate Peter.
Yessir. Crypto is volatile, highly speculative and unregulated aka ponzi. That said Blockchain is here to stay. BTC, Eth, I don't see those going away any time soon...the slew of garbage 🗑️ coins... 🤕
Dude announce he was wasting more cash on bitcoin at the end of the interview... that didn't end well. Losing 1/2 the value in half a year is not a store of value. Trade it on momentum if you'd like but do not hodl, it does not belong in a retirement portfolio.
Peter been talkin against bitcoin since it was a 60 billion asset class lol
Now its 1 trillion and he still says all the same things 😆
Same tune 🤣🤣🤣
and still today...with it around 100 k btc.
im a huge peter schiff fan, but in this specific case, he doesnt get it. gold has physical properties that make it valuable, malleability, conductivity, etc. bitcoin has mathematical properties that make it valuable, cant be duplicated, forged, centrally controlled. these properties are not physical i agree, but they are still valuable, their value is precisely that they make for a good store of wealth. much better than gold because if you do it right you can keep a billion dollars of value safely, how do you keep a billion dollars of gold? you need a safe facility, security personnel etc. even if you just want a couple of bars at home, theres a risk. if you dont have the physical gold yourself then you dont really have any security. with FIAT youre trusting the goverment to do the right thing, with gold thats stored somewhere else youre trusting a company of people to do the right thing. In case of a global collapse which Peter Schiff insists is imminent, Id rather have a file with multiple backups and multiple encryption layers, that depends on a password that only lives inside my and my immediate families brain.
what does BTC maths solve?
@@richardminhle can you not sound silly??? Huuuuh....
Read over his submission
@@richardminhle what does the math in a computer solve?
You work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10k in a meme coin for months ago and now they are multimillionaires digital currency is amazing.
wonderful lessons for new beginners like myself. Great details and modeling.
Who else here think like me this Bitcoin trade is kinda easy but is way to nervous to start.
@@kermanreault4274 .if you know there is one of this changes in trade gain's is not always assured
@Gabriel Moseley .Hello what is the best way to get started with this Bitcoin trade because I've been making my personal research for a while now.
Indeed invest with a good guide is the best way to get started in the trade market. Learnt that the hard way🤨
What I found absolutely hilarious is that Mr. Schiff says Bitcoin and Gold have nothing in common, then goes on to try and compare them throughout the whole debate.
Excellent debate! Congrats to all involved. We need a lot more of this in order to understand the issues.
Anthony got dunked on by Peter.....haha Anthony "I am going to buy MORE Bitcoin...." Peter..... I thought you were all in?" hahaha
Lol Peter Schiff have been laughing stock of bitcoiners!
LOL!
Visited the History museum here in Stockholm, Sweden this summer. There was a huge collection of Viking treasures, mostly gold and silver. One of them consisted of gold coins and necklaces at a weight of 10 kilograms (352 ounces of gold). I could literally take the treasure, melt it down and retire with 650 000 $ in the bank even though the coins were made over 1000 years ago. This pretty much proves Peter's point.
Nobody is saing it it is not true. But untill you get these treasures (how?), melt them down (where?), find a buyer (how?) and trade it, you can send this amount of money in BTC anywhere in a few minutes...
@@karelkral9706 I think you're missing my point entirely. This treasure came from a wealthy family 1000 years ago and it has kept its value for all that time so I could, in theory, melt it down to obtain the same purchasing power. That gold can still be used in electronics or for whatever industrial purpose so the demand is still there like it has been for thousands of years. A bitcoin can't be used for anything at all.
@@Elmgren76 Agreed - until your last sentence. Bitcoin is a network and a unit of price in that network. You cannot send value in gold around the world in seconds. You can send bitcoin/satoshis anywhere anytime with very small costs and (with caution) anonymously.
And one more thing to think about - where was value of gold for Vikings when they did not use electronics? :-)
gold in a museum... that's where future generations may see gold.
@@karelkral9706 It's easy to transfer ownership of gold in a vault. Gold obviously had value for the Vikings, for Egyptians and for everyone else for the last 6000 years. Arguing with crypto people is like arguing with Jehova's witnesses - pointless. The main question that nobody answers is "what can you do with a Bitcoin"? Well, transfer it to someone else, that's it. It's completely useless and worthless.
First ten seconds in and I already disagree with the proposition made.
The world economy hasn't plunged into a crisis 'thanks to Covid-19', it already was in a state of crisis thanks to government monetary policy, and the government's reaction to Covid-19 has brought that crisis to a whole new level.
First of all....skip to 2:45 for commentation of meaning between Peter and Anthony. Secondly....no one negates Gold as a store for fighting inflation. What most people recognize is that gold...cannot be taken with you...'on the fly"...it's probably going to be confiscated in anything more than in "collectable coins"....Collectable coins are a terrible way to buy gold. I've learned this after buying them...and then seeing the resale value upon considering doing so. They do NOT follow the Spot Gold pricing resales scenario that bars for example do. (only buy bars of various sizes).
Money is finally "ascending" now. Gold was the old paradigm...and despite it's 5,000 year importance...technology is taking over now...as it must. Money is corruptible, with governments stealing people's money - literally and figuratively. Period.
Gold would still be a good moderator of/for the Fiat currency if we could dig enough of it up to back Fiat currency.
People don't want or need governments to "be 3rd parties to all of our transactions" in society...which, it's becoming.
Peter,....how does one "speak to you sir"...unless they are ready to purchase $1,000,000 worth of your Schiff Gold?" Answer: One can't. Your time is too valuable to you...which we all understand. Our time; as laborers, drivers of trucks, nurses, CPA's, welders and such...is valuable too. We need a vehicle to believe in that can drastically increase our wealth in the next "ten" years...not just be a hedge against inflation.
We need to buy houses with either Crypto/cash now. What other way/means is the common person with a simple "4-year-college-degree"...going to make enough "money" in this world, at this time...to do so sir?
We only have ONE shot. Crypto is it. Decentralizing ideas, investments, money is paramount now to surviving the coming cataclysm about to escalate in 2022. Peter....we need to move past "a physical thing that one needs to hold onto physically now"....to move forward. Having something other than gold as a store of value...can be more than a "thing that one holds onto physically now".
Also Peter,....we're NOT going to be here in 100/1000 years; read the Book of Revelations. The "Greater Fool' idea doesn't hold up either. Money is being made worthless now with Q. Easing which you're well aware of....it's your number one argument for the "need for gold". Copper has a much more valuable "worth" in industry than Gold or Silver,...but the psychological value is seen to be higher due to the "level of scarcity".
So...final statement; we need to have both now. We need to fight inflation...if we're old enough and have worked long enough for "American Corporations who steal, cheat and wreak lives in a Capitalist society"...to have some gold. Yes...if you're a kid; under 30...buy crypto now...and good chances are...by 2025...if you sell your Crypto gains...you'll never need to go to college, you'll buy a house with a nice "hot tub" and a respectable spouse to live your life.
The network is growing daily....like it or not...crypto is here to stay; transient value or not.
To answer the moderator's question "when will we see?" We will all see whether cypto currencies are a viable, enduring asset that holds its perceived value when the next major global financial/monetary crisis occurs, not a crisis like that of 2008, the Great Depression, or COVID-19, but something many times worse e.g. a full on EMT event, or a major cyber attack against the world's major global financial centers. It can be something like these two events or something else that will prove to be THE test that, will cleary show the whether crypto currencies and their networks are viable and a good store of value. Gold ALREADY has an established track record for withstanding local and global crises that pre-dates Bitcoin and other cryptos by thousands of years, it has proven its staying. Crypto currencies, ETFs, derivatives, and other relatively newer financial products are the new kids on the block that have yet to be tested, tried by fire, like gold, to prove their mettle when the next BIG crisis hits.
Good luck trying to move your gold across a border during war time. Good luck to have ANY gold when the government has to fund their war and they confiscate it like they have before. Those and other similar events are just not possible with Bitcoin.
Just love the INTELLIGENT debate from both guests. A wonderful discussion that rarely happens in these times......no matter which side you support.
True Tony....one buys Gold to hedge inflation....if they have any expendable income (not many)...and yes...most investors hold Cryptos now...on an emotional belief that we can make enough "value" to live...without holding a tambourine in some allay to eat. US money is "stabbed and dying a bloody death now". So what...we trade our meager savings for Gold now...with a 1% growth rate yearly?
It did not break down into a shouting match.
LOL. Intelligent and Scaramucci can't be used in the same sentence. The guy is an idiot. 😂
@@frankfromupstateny3796 Bitcoin isn't Crytpo
Look at Schiff with his big smile as watches his opponent on the mat bleeding. Good stuff!!
Correcto
Schiff the bitcoiners laughing stock!😂😂😂😂
Lol what? Go look at a graph of gold vs bitcoin in the past 12 years
Peter Schiff is right the solution is a gold-backed cryptocurrency that already exists standardingold the founder and CEO Oliver Antunovic from Vienna has proclaimed the gold standard💪
Lol nope, you mean you have trust another third party to hold gold for you? 😂😂😂
Bitcoin grew up in the Everything Bubble and it will pop along with everything else
Antony is too kind on Peter. JPM paid billion last year in fines for manipulating the price of gold through the issuance of derivatives.
Anthony is so quiet and Peter is so loud.
Confidence is quiet and Bitcoin is freedom…a freedom that only the most suppressed and or the wise seem to understand ✌🏼
this didnt age well bud because JPMorgan has a lot o do with Bitcoin now
You have to ask yourself why banks collide to suppress the gold price ,while central banks buy it all up.
@@NB-yu4lj lol stupid! If central banks buying gold why the price doesn’t move at all?😂😂😂
@@Lifewithanasia lol what jp Morgan has to do with bitcoin stupid?😂😂😂
@@bahmak2003 because the price can be kept artificially low by dumping a load of paper gold or silver into the market. through this the price of physical gold is skewed by a paper supply which has the dual effect of allowing central banks of various nations to buy gold at a cheap price and discourages the population from buying gold. however when the paper price is no longer valued and people start demanding physical gold then the imbalance created by using paper contracts to suppress price puts upward pressure on price. that is, in short, why the price of gold doesnt make massive moves when central banks buy it.
Ill say this once. If you're stuck on an island alone, or even with 10 ppl, or 100, no one will value either gold or bitcoin. The point is that even value can be subjective not objective as peter claims about gold. Its truly all subjective. That said, I like them both for slightly different reasons.
Gotta say, gold would be more useful though. You could hammer it into a bowl shape and use it to cook. It has just about the best heat transfer properties. The Bitcoin would be utterly useless.
One of the things I found super strange was that everyone I know who dealt in crypto, had the same approach - not to sell. In an organic market people would have various approaches, some would be keeping crypto, others would buy a bit, sell with a profit, then buy again, others still would do a bit of both.
But with crypto it's been like a cultish behaviour, as if someone influenced people to act the same.
They mean bitcoin is a long term capital preservation asset! Maybe 10-20 years.
It's like when people used to say internet was going to last only a few years and that was just a bubble
Yeah but people were buying internet companies not the internet itself. Ask yourself, how many internet companies survived the dotcom crash?
It's the same with crypto. The crypto network may very much change the world but people aren't buying the network, they're buying individual crypto out of thousands. How many will survive and what will survive, no one knows.
@@SugarRoll also block chains are projects, most of them die and probably 95% of the thousands of coins available are scams or will die, do you see the similarities now?
@@lehast The similarities are clear to me right from the start which is why crypto has no place in my portfolio. I'd rather put my money in non-bubbles.
@@SugarRoll that's perfectly fine, investing in crypto is not mandatory and definitely not the only thing to invest out there
@@lehast If 95% are scams that does mean bitcoin a scam?😂😂😂
Now The Mooch is a Bitcoin expert? As if I needed another reason to be sceptical about this Ponzi.
You do realize someone has to be in control and at the top of a Ponzi, right?
he has been for a long time you idiot.
I am totally with Peter. Great explanation from him as always.
Anybody with common sense would be with Peter. That's not a dig against crypto either.... Obviously people made money from bitcoin and all. But gold is forever.
@@mathiaskanuck6759 lol He now says with a straight face to only have 5% gold in your portfolio LOL. He is embarrassing to listen to
@@jamesdean7756 you're embarassing to reply to.... Your argument doesn't prove anything. Okay he said 5% of his portfolio is gold... And how much of his portfolio is Crypto??? He's not saying to invest all your money in gold... He's simply saying gold is better than crypto. He's not trying to tell you can get rich off gold... He's just saying overall its smarter to buy gold over crypto.
That's like me saying Chicken salad over Tuna, and you calling me a fraud cause I only eat Chicken salad 5% of the week.... Lol if I'm not consuming any Tuna than I legitimize my argument for chicken salad being better. This isn't rocket science....
By the way I know you got this stupid argument from Richard Hart. Horrible argument
@@mathiaskanuck6759 no dummy. I’ve been listening to that idiot schiff since 2008 I think I’m talking hundreds of his videos I used to be one of his zombies like you back then he mercilessly bashed the stock market repeatedly… kept saying a market crash was imminent while others laughed at him that he was debating about that prediction. he continued this stupidity fir many many years and would never admit he was wrong about the stock market and those who followedvhis advice religiously missed out on incredible gains now that he knows he’s wrong and can’t deny it anymore he tries to say basically well I’ve been in Stocks all along and one should only have 5 to 10 percent. He has 180d dramatically RH called him our for it and if you really have been following shifthead long enough you would know this
@@jamesdean7756 gold isnt an investment its a way to keep your value safe
Dear Santa can I have a good moderator? Enjoy the golden cookies.
I learn so much from debates such as this. Peter owned this debate.
You must be related to Peter
peter has been wrong since bitcoin was $1 HAHAH
Lol Peter never win on any bitcoin debate!😂😂😂
How can you win on a bitcoin debate when you don’t even understand bitcoin?😂😂😂
Buy physical gold, physical silver and mining stocks.
you will be standing outside the igloo with him 😂
*goes to invest in gold and bitcoin*
The intangible aspect of Gold's failure: loss of purchasing power over time, corruption of Governments worldwide and helter skelter mining.😂
This debate was MUCH better than the one held between Saylor and Giustra. Good job, Ms. Moderator.
i literally fast forwarded each time she spoke lol.
She interrupted when they were speaking directly to each other going back and forth and good moderator leaves them be. I as an audience member want to see blows thrown that’s the point of a debate
The biggest gun will always own the most gold. -Queen Elizabeth.
Private ownership is irrelevant
Bitcoin fixes this.
@@toddswenson lol are you sure about this? if I held a gun to your head, you would tell me your bitcoin wallet password in 2 seconds
I think Anthony won this debate because he got another free education from Peter .
Gold is down on the last 10 years. Bitcoin is up 65,000x on that same time. Fact.
But why is that is the real question? Bitcoin is up because of 1 main reason and no one in the belief of the bitcoin world will admit it.
The only people who beat the Bitcoin drum loudly are those who have already taken a significant position in it. When they had this conversation Bitcoin was over $50k. Now it's at $17k. Anthony and his clients have lost a lot of money.
I know right, it's honestly just a pump and dump. I understand people using it like it's a slot machine but people who actually believe it has real value are the greatest fools. Right now it is at 26k but was recently at 30k so people who are investing during 30k lost around $4000
LOL Bitcoin is now 66,000 😂😂😂😂
Peters point of let’s see Bitcoin go thru a crash of speculative assets is great insight since Peter believes Bitcoin is only speculative.
Agreed. Bitcoin isn't speculative because we know it's worthless. There's nothing to speculate about ;)
He refuses to believe that gold is speculative. Even though it is.
Bitcoin has "crashed" countless times now. And yet it recovers and goes higher. What more do you need to see?
@@itssteve6018 that’s bc quarter there’s so much money out there for free. Peters point isn’t a pullback in Bitcoin, that’s why it’s speculative, he’s talking about an economy crash/pullback to see how Bitcoin holds up then.
@@elementaltamago1297 - But, there is something to speculate on Bitcoin. It happens to be the biggest and most powerful network in the world as we speak. With only about 2% global
adoption right now, a five fold adoption rate would dramatically affect the price of BTC.
Peter championed this!
Peter is a boomer he knows f all
But he’s still wrong about Bitcoin.
Peter Schiff the bitcoiners laughing stock!😂😂😂
for sure, other guy is so dumb... mumbling about his stupid theories about the future is so ridiculous, peter just speaks common sense.
@@sten260 it’s Peter Schiff that’s so dumb that his son Spencer don’t even believe on him!😂😂😂
His son is investing into bitcoin!
Schiff was already spouting against bitcoin when it was at 1 dollar, saying it will go down to zero and will never hit 50k!😂😂😂
So who’s the dumdum?
“But that’s nothin it’s backed by math???”
RIP Anthony Scaramucci
I can't believe I'm going to refute anybody as smart as Peter Schiff but he said that gold is the most useful element on the periodic table for applications. He is wrong, it is silver that has thousands of uses and blows away gold in all respects for practicality and usability, it is for the gold men like Schiff, silver is the holy metal, the new paradigm, the Slayer of werewolves and vampires. Peter Schiff never brings up silver whatsoever. I guess he doesn't have any financial interest in it to pimp the shiny white metal, don't forget he sells gold
All of Schiffs arguments are misconcieved, he just talks loudly and over-confidently about false statements.
It's hard to hear this woman talking. Very annoying. Long interruptions. They should address each other's arguments.
What is the higher and better use of bitcoin? You can buy spot price gold and turn it into gold wire, gold foil, an engagement ring etc etc... all you can do with bitcoin is buy and sell it.
You can store personal data, intellectual property, ownership of land on the biggest and most powerful network in the world that happens to be decentralized over millions of servers globally.
@@islandbee Well I don't need to buy bitcoin to do that.
@@Vanbrusa - Well, you can do all of that on the Bitcoin network. Which happens to be the biggest and most powerful network on the globe with millions of validating servers that is completely decentralized and immutable.
@@islandbee So you mean I can store my personal pictures on the bitcoin network? And all of my tax documents which I keep on a cloud drive? And I can store the deed to my house on this network? I no longer need to pay the $5/ month for iCloud? Does owning a higher quantity of bitcoin allow me more and more storage space, or could I just keep trading around the same Satoshi?
Genuine questions because I'm trying to understand the inherent value.
@@islandbee bitcoin doesn’t provide any of that. You would do that elsewhere.
Schiff says Bitcoin has no value because you can only trade it. Isn't that what we do with stocks today??
The difference is that with stock, you own part of the company - accumulate enough shares and you can run it, sell it, whatever.
@@johnevans1385 and that company can also go to zero if the competiton is better.
Companies could go to zero, Bitcoin will go to zero. Eventually. It could hit a high of 500,000 for all we know; that is before there are no more new buyers, and the price action eventually and inevitably edges lower and lower as there are no new buyers to pay higher prices. That’s if governments even allow it to get that far.
If you can buy something for nothing or next to nothing that's its intrinsic value Bitcoin when it came out you could buy it for next to nothing but gold and silver you could never buy for nothing it's always expensive even if you go back a thousand years it's still expensive at the time thank you.
Exactly this. Bitcoin only went up because people started to think other people would want it due to its limited supply. It has no value unless you can sell it to someone who doesn't realize it's worthless.
@@TXLionHeart lol you too are idiots!😂😂😂
What’s is Value? How is value created?😂😂😂
Would you mind repeating that in English, please?
@@TXLionHeart lol you must be idiot! What is value? How value is created?
Yeah, I must be idiot. I so sad me is idiot. Me need more ejumacaishin so me can be smart like fishing etcetera... 😔
Peter, some people are getting paid in BTC. People in El Salvador are buying food, Starbucks, McDonalds with Bitcoin. So it happening already.
There are lots of uses for gold that are inviabilize due to its cost. If we found a huge amount of gold suddenly the demand you explode, because we can use it for so many new things. So the market would not collapse. The price will fall, but the world will be better and society will be better because a scarce and important commodity is now more cheap and available. Crypto can't do that.
Schiff’s conviction is unparalleled… and I couldn’t agree with him more.
Peter made the better arguments IMO
Lol yeah all the bitcoin ignorants believe that!😂😂😂🤦🤦♂️🤦♂️
His loaded argument is the same on every youtube debate. "gold is physical and bitcoin is not" thats it, he can't conceptualise anything else.
@@TT-nk5hi because that's all he needs to say.
“Eventually the supply of fools runs out” #bitcoin 😂
Just look into the point peter is making. I just pity u.
@@Iambasseyemmanuel yeah
Eventually Schiff the stiff is proven a fraud today is the eventually lol
Eventually the supply of Bitcoin will run out. That's a fact!
I guess Peter is right
Saylor Vs. Schiff!!
I far from agree with Peter's political positions, but when it comes to understanding economics, the man knows his stuff..
Man that moderator always cutting them...what the hell?
she needs to be muted..
Super loud too.
The funniest part is that gold is necessary to build the computers for bitcoin mining and transacting. Bitcoin is necessary for nothing.
you dont need gold for bitcoin mining you muppet
Bitcoin is necessary for financial independence from governments, banks, institutions.
This is the dumbest thing I’ve ever heard😂😂😂
Bitcoin is necessary for store of value for the world. Are you going to store value in gold? I don't think so. In real estate? perhaps. But real estate is terribly illiquid. Are you going to store value in stocks? Yeah but a stock is dependent on the company's earnings and other financial factors. Bitcoin on the other hand is immensely liquid, borderless, decentralized, permissionless, predictable in its emission schedule, and of course finite.
Bitcoin is necessary for keeping me wealthier than you, have fun staying poor LOL
Honestly, in my opinion, the point is not that gold, being a physically tangible material, has an intrinsic value, i.e. the value corresponding to a material from which things can be made. Rather, the point is why gold has a higher value than for example steel, silicon, zirconium or even silver? materials with which you can also make things. For me the answer is obvious, because we as human beings have given it to them throughout history.
Actually silicon or if I dare oxygen is much more relevant to our civilization than gold, however 1kg of gold, even now, still has much more value.
Actually a gold watch is only more valuable than a steel watch because gold is worth more, but not because it intrinsically works better or is even more beautiful because it is made of gold. I personally do not find gold objects particularly aesthetically pleasing.
We could therefore say that if one day the "crazy supply" that considers gold to be more valuable and more beautiful than steel, silver or silicon runs out, its value could plummet. Yes, I know it would still exist physically and it would have some value, of course as long as someone wanted to buy it, I guess the law of supply and demand is not suspended for gold, right?
A bitcoin is not something physical, it is just a code represented in a blockchain, and it has no greater utility than to represent a value - it is not a code that serves for anything beyond representing itself. Any computer application, the same youtube or google are ultimately code, but despite not being tangible or "being able to build jewelry with them" no one doubts its value, but its value lies in its utility, it is not the case of Bitcoin as a code.
But it is not the pretension of Bitcoin either (in any case it is the pretension of blockchain). Bitcoin is, like most of the dollars and euros that we handle daily (the people of the first world of course) only a code in a computer, and just as dollars and euros its value lies in its usefulness as a medium of exchange to sell or purchase goods and services, neither the computer code that represents a dollar or a euro serves for nothing more than to represent itself. The advantages as a currency of BTC (or any crypto) are very clear and are well known (decentralization, non-inflationary, traceability, speed, no intermediaries, etc.) and for me it is very clear that cryptocurrencies will be the currencies of the future, hopefully free and decentralized and in the worst case we will have the CDBC.
Therefore we can conclude that trading with BTC is no more or less dangerous than trading with dollars, pounds or euros, it is just another pair, whose volatility must be calibrated at all times.
Now, as a reserve asset is comparable to gold?, I think that to answer this question we must first answer ourselves to these other two questions:
How many investors really buy gold because in case it loses all its value at least they will always have a piece of metal with which they can build something?
How many real investors buy gold because they believe that its value will be maintained in times of crisis and do not even contemplate that it could lose all its value?
If we put the majority of investors in the second case, we are equating it to BTC, and in both cases, as in any investment, we will be assuming risks, either due to obsolescence or lack of consolidation.
Schiff's line of argumentation is disjointed and childish. Surprised Anthony went easy on him. The interviewer was terrible.
If Scaramucci believes what he's saying about Bitcoin mooning why is he saying it so unenthusiastically?
As if confidence is relevant to accuracy. Peter has been "enthusiastically" calling for Bitcoin's demise for over 7 years.
Because it's getting old trying to explain Bitcoin to people who don't have any clue they need it.
He's right; he doesn't need the hard sell.
His personality is pretty flat about any topic…not reflective of his enthusiasm
@@itssteve6018 he is ultimately right, 7 years way too little time to make any conclusions. Bubbles can last 20+ years
Peter Schiff is awesome
You keeping that same energy today about Schiff the stiff?
Crypto is gambling. I would never trust it.
Most stocks produce something, own assets, have cash, etc. As a shareholder, you own a piece of that. As a bitcoiner you pay a lot and own nothing.
Ok, so how much say do you have in bitcoin? Hard to compare digital nothingness to an actual company. But you can keep trying.
No risk no reward..
As a Turk, would you rather hold your money in Turkish liras or American dollars? If you said dollars, then you understand money. It's the same question re Bitcoin.
It's irritating that debate format continuously cuts the debaters off and rushes answers. They are the experts, let them talk.
The add photo says volumes: "The Mooch" for bitcoin; Peter Schiff for gold...
Where would you put your money.
On the Mooch??
Every crypto investor right now just smiling at the price of crypto as it held strong and indeed valuable enough to generating good ROl.more person are gonna become millionaires and we have crypto thanks for that
How favourable is the market now.l want to invest in cryptography?
Yeah favourable
Yeah sure favourable forex and crypto yields more profit with the favourable market rise.
I had interest in investing in Forex and crypto but I was discouraged by friends and family,l was being ignorant thought.
Exactly ! That's definitely ignorance, they are good markets to invest in and earn profits of your investment.
Max respect for Peter! He won!
My comment, after watching hours of video and plenty of days trying to decide where to put my money is: I like both Bitcoin and gold, but I honestly don’t see myself walking down the street to try and trade with someone using gold, I could however, see myself trying to trade with someone using Bitcoin. There’s my vote for now anyway.
I want you to try something. Buy 10oz of silver. That's about $260 give or take depending on premium. When you get it, hold it. Feel it. Know that you are holding real currency in your hands. It has value. Admire how cool it looks. Then buy $260 of bitcoin. Look at that number on your screen.
If after that you still think bitcoin is the way to go, then I don't know what to tell you besides....good luck.
Until someone popular says bitcoin ain't worth anything use dogecoin lol
@@ryanturner8577 the problem is gold and silver have already been captured they can print more gold and silver now. So the question is how do we fix that problem cause if we don't we can never go back to gold or silver.
Clearly, both gold and bitcoin will coexist into the future, both storing value. But the youth are not interested in buying gold, they are not even interested in buying stocks. That will be a problem for the future of gold. In 20 years' time, most of the people who value gold will be passed on.
Not really. Young people were never big gold investors. The fact that they are investing in cryptos now does not mean they will continue to do so in the future.
@@lamentate07 if the young people keep the price of gold down, so much the better, that’s just means I can buy gold on the cheap 👍
People get hung up on the "price". Its all relevant if you had bought $5 worth of gold in the year 200AD you'd be a millionaire by now. Gold is too hard to self custody for many young people who are still transient and paper gold is a scam and they know it.
Who cares what the youth are doing? Drives the price of gold and silver up because they ain’t buyers.