What Bitcoin Did

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Bitcoin vs Gold #2 with Peter Schiff & Greg Foss

Peter McCormack

Interview | Description | Timestamps | Show Notes

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Bitcoin vs Gold #2 with Peter Schiff & Greg Foss - WBD396 Peter McCormack

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Location: Remotely
Date: Friday 3rd September
Company: Euro Pacific Asset Management & Validus Power Corp
Role: CEO and Chief Global Strategist & Bitcoin Strategist

Gold has been used as money for thousands of years, but once the US severed all remaining ties with the Gold Standard in 1971 and moved to our current fiat system, gold's use case shifted. Gold has become a safe haven, store of value, and insurance against what many gold bugs consider a broken fiat monetary system.

Bitcoin is considered by many to be digital gold but is only 12 years old. Still, in that time, it has grown into a near trillion-dollar asset and is also a store of value but is decentralised and censorship-resistant. Many bitcoiners believe it is just a matter of time until bitcoin replaces gold as the world's primary store of value.

Gold and bitcoin have some obvious similarities. They are both scarce assets and stores of value that offer an opt-out of government-issued fiat currencies.

Likewise, gold bugs and bitcoiners share a similar mindset in their belief that the current fiat system is broken and we need a sound money alternative.

For some, though, it isn't gold and bitcoin; it's gold vs bitcoin. Peter Schiff is firmly in this camp, and since 2012, he has regularly derided bitcoin, claiming that it has no intrinsic value and is eventually heading to zero.

In this interview, I host a debate between gold bug Peter Schiff and Bitcoin Strategist Greg Foss. We discuss the value of bitcoin & gold, risk management & portfolio allocations and how bitcoin is helping oppressed people around the world.

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00:05:28: Introductions
00:08:48: Peter's opening remarks
00:18:14: Greg's opening remarks
00:26:46: Debating price is truth
00:28:10: Cryptocurrencies vs stocks
00:30:31: Debating Bitcoin is energy
00:42:43: Purchasing with Bitcoin
00:47:53: Debating money is simply a ledger
00:51:59: Fixed supply and miners' fees
00:57:07: Bitcoin's network value
01:20:49: Debating Bitcoin is sound money
01:25:01: Backed by maths or assets
01:33:14: The Brady Plan
01:47:36: Common ground
01:50:24: Remittances
01:52:56: Greg's closing remarks
01:56:16: Peter's closing remarks
01:59:43: Final comments

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