Bitcoin Vs Gold: Peter Schiff Vs Anthony Scaramucci.
Peter Shiff makes several points about gold:
Gold: it has physical properties that makes it real and valuable. It’ll never lose its value. Gold has a long history and has been used for thousands of years.
Peter Schiff makes several points against bitcoin:
Bitcoin is not anything real. It’s just a string of numbers.
It has no real value because there are no properties that makes it valuable.
It is a bubble ready to explode because there’s no value in hanging onto bitcoin because there’s no utility for it outside of selling it to someone else for a higher price.
Anthony Scaramucci didn’t make an argument against gold necessarily but defended bitcoin. :
Bitcoin is guarded against inflation. The value of Bitcoin doesn’t depreciate like the dollar bill does. If you leave $100.00in the bank today it’ll actually be worth less due to inflation.
Bitcoin is the currency of the future because we are becoming a more digitized society.
The value in bitcoin is it is largely user driven. The users of Bitcoin has grown exponentially.
Question: is something valuable because enough people believe it’s valuable or is something valuable because of the properties that makes it valuable?
Peter Schiff and Anthony Scaramucci debate Bitcoin vs. Gold.
This debate is a part of Intelligence Squared Crypto a new series from Intelligence Squared debating the rise of cryptocurrency and future of money.
Since the world economy was plunged into crisis due to COVID-19 many economists have predicted a period of great instability. In normal times, investors would seek to hedge against volatility by buying gold. But this time, some are putting their money elsewhere – into Bitcoin and other digital assets. And that raises a fundamental question: will Bitcoin or gold be the trusted store of value and asset of the future in a time of rising inflation?
Anthony Scaramucci and Peter Schiff go head to head to debate. The host is Anne McElvoy.
This debate series is in partnership with EQONEX. Register to be in the virtual audience for our next debate on ‘banking the unbanked’ and you’ll also be in with the chance to win a share of $5,000 EQO.
Register free for ‘Crypto Can Bank the Unbanked’ debate on September 9: https://bit.ly/3zaYL6B
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