New Peter Schiff Video: Bitcoin is Getting Clobbered by Gold
Peter recently appeared on Fox Business to discuss Bitcoin’s recent performance. In this segment, he takes on Natalie Brunell, host of the podcast Coin Stories, in a friendly debate on the merits of crypto and precious metals.
When asked why gold is performing so well, Peter replies,
“Gold’s probably going to close at a new record high close today. It’s only a few dollars off it now, above $2370. Gold is rising because the dollar, the euro, the yen, and fiat currencies are losing value. Inflation is real. It’s here to stay. It’s not going anywhere near the Fed’s 2% target. We’re headed in the wrong direction. We’ll probably be in double digits by next year, and eventually, the first digit isn’t going to be a one.”
The gold market is currently characterized by unusual demand driven by foreign central banks, not individual investors:
“Central banks are out in front of this. They’re the main buyers. A lot of Americans have been foolishly selling their gold to buy these Bitcoin ETFs. There’s nothing elegant about losing your money in Bitcoin. Bitcoin is not going up.”
When Brunell criticizes gold for being “analog” and falling behind Bitcoin, a “digital sound money,” Peter points out gold’s historic track record as real money:
“There’s nothing sound about Bitcoin. It’s losing the race right now! Take a look at your screen. Gold is up 25—26 dollars— and Bitcoin is getting clobbered. There is no flaw in gold. Gold worked great for 5000 years. The problem is the flaws with governments— the flaws with human beings— not with gold. But Bitcoin is really flawed because it doesn’t have any actual value. Gold is the most useful metal on the periodic table. That’s why it’s money!”
Investing in Bitcoin is akin to betting on a horse race. You can make money, but it’s all luck:
“Wall Street didn’t embrace it [Bitcoin]. They’re just trying to make a buck off it. These big Wall Street firms aren’t buying any Bitcoin with their own money. This is their customers’ money that are dumb enough to buy it. They’re just booking the bets. They’re operating the casino.”
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