Bankless Why Peter Schiff Hates Bitcoin & The Bull Case for Gold
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Sep 9, 2024 
Peter Schiff, a financial commentator known for his long-standing advocacy for gold, dives deep into his skepticism of Bitcoin. He argues that gold’s intrinsic value and historical stability make it a superior monetary asset. Schiff discusses the risks of Bitcoin, including volatility and regulatory concerns, while proclaiming gold as the ultimate store of value. The conversation also touches on wealth growth principles, the need for government reform, and the generational divide in perceptions of these assets. Tune in for a thought-provoking clash of gold versus crypto!
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Definition of Money
- Real money is the most marketable commodity, evolving from barter to solve the confluence of needs problem.
- Gold's historical success stems from its inherent properties like portability, divisibility, immutability, and scarcity.
Gold's Apex Predator Status
- Societies develop money internally, then compete, with gold emerging as the apex predator.
- Gold's victory raises the question of whether any future asset can surpass it.
Cigarettes as Prison Money
- Cigarettes function as money in prisons due to their inherent value (smokability), unlike Bitcoin.
- Bitcoin represents a step backward in monetary evolution, not forward.