I’ve been into bitcoin since 2014. I’m a true believer. But Peter Schiff has some good points on the Crypto Trader debate from yesterday.
The main thing that really stuck in my mind was that gold has value outside of simply being a store of value. It can be used for jewelry, machines, etc. so because it has real world value, no matter what, it will have value. Someone will always need to pay $ for gold to use it for jewelry or computers.
Bitcoin on the other hand seems to only derive its value from what one person is willing to pay another for it. If one day the heard flocks to another crypto (“flippening”) bitcoin doesn’t have any other use case and could be worth $0. You can’t make jewelry or computer parts with it.
I have to say...I don’t think Anthony Pampliano properly defended this point. Maybe someone can help I convince me that this was a good point??
https://youtu.be/Wigz8z6Vm3U
