Peter Schiff on 50% Gold Allocation, Economy Crash Landing, Intrinsic Value & Bitcoin Regrets

Peter Schiff on 50% Gold Allocation, Economy Crash Landing, Intrinsic Value & Bitcoin Regrets

[Music]
Peter it’s great to see you it’s been a
while yeah I haven’t seen you in a while
either Natalie although we did have an
encounter recently with Charles Payne on
Fox Business and apparently all of your
you know Bitcoin fans think you kicked
my ass
yeah clear winner they showed you like
beating me up or whatever I mean there
was some everybody I mean I read all
these articles you know how I got
destroyed how I got
killed uh you know I I mentioned it on
my own podcast as a example of
confirmation bias you know because all
the people who already you know have
drunk the Bitcoin Kool-Aid and are
convinced that you know that it’s going
to the Moon they just assume that I lose
every debate and that whoever my
opponent is wins uh but I think you know
we could have a real debate here because
we only had a few minutes and you were
able to uh you know really rattle off
some of your talking points pretty
quickly and well I can tell you’re still
licking your wounds um actually just for
the I I don’t have any wounds but what
I’d like to do is have you go over those
talking points now so I can really you
know get into into into why it’s a bunch
of nonsense but well I I’m looking
forward to talking to you about Bitcoin
and gold um in a little bit I want to
start a little bit with macro um but for
those of you who did see our debate most
people don’t realize that that was
totally impromptu Peter you were
probably told you’re only talking about
gold right I was told I was coming on to
talk about the having and then suddenly
they surprised us with this Ambush
debate um so it’s it’s good that we’re
going to have the chance to go over some
of those talking points later on but
first Peter and I think that happened
you know Charles and I were at the same
money show conference in uh Miami a
couple of days prior so that’s kind of
what you know put me in his mind and so
I just assumed yeah we know we just ran
into each other so he’s invited me on
the show he actually wanted me to do the
show live from Miami but I had plans I
was leaving so I I I couldn’t stay got
it um so I was totally he didn’t even
realize that we knew each other he was
like Peter Natalie Natalie me Peter like
I I’ve never heard of you right I know
well a lot of people love the shows that
we’ve done together so let’s start off
first of all with just what’s happening
with the economy because a lot of the
people who follow both of us we we agree
on the problem agree on the fact that we
need hard money again and what they’re
doing with the economy and interest
rates and blowing up another sovereign
debt bubble is the wrong thing to do so
talk to me about what you’re seeing
right now as far as the economy whether
we’re going to hit a cliff and go over
it finally hit maybe a a debt spiral
collapse or or if you think we’re going
to manage to do that soft Landing that
so many analysts in the mainstream world
are saying well you know that I don’t I
don’t think there’s going to be a soft
Landing I don’t even know if it’s a
Landing because if we crash I don’t
think that that constitutes a landing uh
but you know I think the economy is in
far worse shape than U you know the
conventional wisdom would suggest
certainly Wall Street uh the Biden
Administration the media are spitting
the economy uh into something that it’s
not I think the
statistics you know are are very
misleading especially if you just accept
them at face
value um a lot of the statistics that
purport to support a strong economy I
think are going to be revised down I
don’t even have any any confidence that
the numbers are going to hold up I’ve
been pointing out and you may recall
that the 2008 Great Recession wasn’t
called until December of ’08 and they
said it started in December of 07 so
they went back for an entire year and
redid All the data and the data
previously had shown that the economy
was good and it was growing and
everything was great and then they went
back and said you know what all those
statistics were wrong we’ve actually
been in a recession for an entire year
uh so there is a you know a pre a
precedent for for doing that and I
wouldn’t expect those type of revisions
to come until after this election right
there’s no way Biden’s going to come out
and and admit that we’ve been in a
recession for the past year or two uh
but they may ultimately acknowledge that
once you know the voters can no longer
uh you know react to it but also it’s
not just that the numbers may be revised
I think the numbers as they stand
now don’t even
support that the economy is strong one
of the things that they look at is the
job creation and they they point to all
these jobs that are being
created but what they don’t acknowledge
is the quality of the jobs they’re all
part-time jobs on balance full-time jobs
are being destroyed we’ve lost full-time
jobs and you know that by looking at the
household survey rather than the
establishment survey and there are few
people who have full-time jobs today
than who had them several years ago
what’s happened is a lot of people now
have two or three jobs right and the
jobs that are being created are second
and third jobs that are going to people
who already have jobs now the question
is why are people working second and
third jobs is that something they want
to do or is that something that they
have to do because they can’t survive on
one job anymore and I think it’s the
latter and so if an economy is so weak
if a labor market is so weak that people
are forced to give up their evenings and
their weekends right and and take second
and third jobs is that a sign of
strength though I think it’s a sign of
weakness people would rather not have
these jobs but they have no choice
because the cost of living has gone up
30 40% uh since Biden took office and
that is a huge
jump and and so the only way people can
pay the rent uh put food on the table
keep the lights on right pay their
insurance is by taking on additional
jobs now another way they’re doing it is
by tapping into their savings what’s
left of the stimulus money they got
during covid the savings rate is plunged
and credit card debt is at an all-time
record high despite credit card interest
rates being at an all-time record high
so would people be running up their
credit cards with record high interest
rates if they had a choice if if they
didn’t need to do it I mean a real
strong economy people would be paying
off their debts people would be building
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and if you look at the government
statistics you’ve got um record high
budget deficits record high trade
deficits Yep this is not a sign of a
vibrant growing economy but a weak
economy that’s surviving on on debt and
and imports but I also think another key
measure is the
low popularity of Biden and Harris right
Biden is the most unpopular president
since they’ve taken the polls right so I
don’t know when they started but he’s
the lowest and kamah harus is the most
unpopular vice president ever now why is
she so unpopular I mean what has she
done I mean she had done anything but
the vice presidents don’t really do
anything but why are the Biden and
Harris so unpopular well the answer is
because the economy is lousy and they’re
getting the blame
and in fact when you look at the
polls where Biden scores
lowest is on the economy and what’s the
main problem is inflation inflation is
robbing people of their purchasing power
and the reason we have so much inflation
is because we have so much government an
inflation problem is a government
problem because government pays for
spending by creating inflation the
Central Bank helps the government by
monetizing debt quantitative easing
keeping interest rates artificially low
uh to stimulate a demand and consumption
and this is why prices are going up and
these higher prices are tax and the
average Americans a and the poor are are
feeling that tax bite uh you know far
more uh than than the rich and so you
know maybe Biden still has the support
of some of the rich people who have gr
gone wealthy from inflation because they
own assets and they don’t care if it
costs them $40 50% more to buy groceries
because they don’t even pay attention to
their grocery bill because it’s such a
small percentage of what they spend but
people who are clipping coupons because
groceries take a big bite out of their
paycheck uh they’re the ones that that
are feeling this so the economy is bad
and it’s going to get worse that is the
reality because the inflation problem is
going to get bigger it’s not solved it’s
not going back down to 2% it’s already
headed back up in the other direction
long-term interest interest rates are
going to be pushed higher uh by uh
Rising inflation and that’s going to
compound the problem and I think it’s
only a matter of time before a lot of
these part-time jobs are eliminated and
we’re going to start to see a uh an
official increase in the unemployment
rate which is going to be very
problematic because now it’s going to be
stagflation I mean I think we’re already
there but now the statistics are going
to bear that out well Peter I A lot of
people are suffering right now and it
really is hitting the the working class
really hard because inflation has um
outpaced the ability for people to earn
enough money to keep keep up with it uh
I just saw a report the other day about
how the Dollar Tree’s fastest growing
customer base is people who earn
$125,000 and they can no longer keep
their prices at a dollar they have to
raise their base prices as well as their
um their cap prices which is just so
crazy to think about you know people
like you and the analysts that I follow
within the Bitcoin space everyone’s been
saying inflation is going to remain
higher they think they’ve squashed it
but it’s going to remain sticky and the
CBO recently put out that they’re going
to have to issue $2 trillion more in
debt so to your point about the fact
that at some point you know you have to
pay the piper um and and we’re going to
see more unemployment we’re going to
start going off of that that Cliff how
are they going to thread the needle in
this election year where arguably to
some of your earlier points they really
want to keep things sort of taped
together um so that they remain in power
yeah I mean it’s not so much that it’s
just sticky like oh this just little
pesky inflation problem is sticking
around it’s that that the central banks
spent over a decade flooding the economy
with inflation we had qe1 QE2 qe3
interest rates were at zero for more
than a decade and so they really primed
the pump and so over the last couple of
years we’re just starting to see the
delayed reaction in the pricing
structure to all that inflation and so
we’ve got years and years of catching up
to do with respect to the monetary
policy mistakes of the past we haven’t
even caught up to the mistakes of the
present uh but the FED never really
moved uh interest rates into restrictive
territory I mean it claims it did
because it got them up to five and a
quarter five and a half but if you look
at where rates have averaged you know
since we went off the gold standard
1971 rates are lower than average you
just have to throw out the period from
the 2008 financial crisis uh to 2021
when they were ridiculously
unprecedentedly low but if you compare
the rates we have now to the 90s to the
80s to the 70s to the 60s they’re low
they’re not high and if you compare them
to the inflation rate they’re not high
but also if you understand that the way
rate hikes are supposed to to reduce
inflation is by reducing demand and they
do that by increasing the cost of
borrowing money and so there’s less
money borrowed and less money spent and
it’s the reduction in borrowing and
spending that takes the upward pressure
off prices but even though the FED has
raised rates government borrowing has
accelerated to record levels and
individual household B borrowing has
accelerated to to record levels so thus
far the rate hikes been inadequate to
actually fight inflation what we need
are much higher interest rates but the
FED won’t Supply them it’s not an
accident that the FED stopped hiking
after Silicon Valley Bank Signature Bank
all these banks failed right that was
the the warning sign okay we’ve raised
rates we can’t keep raising them anymore
because we’re already causing these bank
failures if we raise them anymore more
of these dominoes are going to drop
because the whole banking system is
really insolvent because rates were so
low for so long all these Banks loaded
up on long-term treasuries and mortgage
back Securities that are now underwater
and they’ll be even deeper underwater If
the Fed keeps raising rates so in order
to stop a financial crisis and subsidize
the US government’s ability to pay its
debts that’s why the FED stopped hiking
not because they finished the job uh of
fighting inflation but because if they
kept fighting inflation they were going
to destroy the economy and the financial
system right in the process so they
backed off but I think the way we’re
going to get from here to the
election is at some point the FED is
going to come through with some rate
cuts um they shouldn’t I mean they
should be hiking rates but they won’t
but I do think the economic data is
going to soften between now and the
election and that will provide the cover
for the FED because if the the
unemployment numbers pick up if the job
creation slows down or turns negative
the FED can claim that this justifies
the cuts because they’ll also say that
this weakness in the economy and the
labor market is going to bring down the
inflation rate in the future so even if
inflation is still four or 5% maybe the
way they measure it if they get a weak
in the economy they can say look we know
inflation is still above 2% now but we
we have confidence it’s going to go down
because of the the weakness in the labor
market and the economy and so therefore
we can turn our attention now uh to the
economy uh and labor market uh and and
you know we we don’t have to worry about
inflation anymore because that problem
is solved but what they don’t realize or
they don’t want to admit is the next
recession is going to exacerbate the
inflation problem because the next
recession is going to take these
enormous budget deficits and make them
even bigger and so even more money is
going to have to be printed to finance
it and that’s going to put tremendous
downward pressure on the dollar which we
haven’t even seen yet and then that’s
going to put even more upward pressure
on consumer prices so uh it’s going to
be an inflationary recession stagflation
inflationary depression however you want
to Define it but it’s not going to be
like any of the economic environments
that we’ve been in since the 1970s
except this time it’s going to be much
worse than the 1970s right we basically
have kicked the can down the road we
don’t allow the fever to do its work
which would be the higher interest rates
to cleanse what we need to cleanse in
terms of the malinvestments and and and
what we’ve built up in this bubble um
but we are addicted to that money
printer and you’ve talked about that as
well we have to print in order to keep
the system afloat and so arguably the
next time they really go to print
they’re going to have to do
unprecedented things they’re going to
have to inject trillions and trillions
of dollars for things to remain solvent
so is there any I mean is is there an
ability to kind of turn the car around
from the cliff that we’re heading toward
or is it too late and people need to
flee to Safe Haven assets no I mean it’s
like you develop a drug habit and the
longer you do a drug the more of the
drug you need because your body builds
up a
tolerance and you know eventually if you
want to stop taking the drug the the
more critical it is to you the more
you’ve your body has grown dependent on
it and and needs it the harder it is to
kick the habit right the the bigger the
withdrawal is going to be
and so every time we decide that we’re
just going to take more drugs because we
don’t want to go through the withdrawal
we just uh make the ultimate decision to
kick the habit that much more difficult
because it’ll be more painful now the
alternative is you just keep taking more
and more drugs until you you die of an
overdose and I think that’s where we’re
headed as an economy I think we’re going
to overdose on inflation because
inflation has been the drug that the FED
has used uh every time the economy uh
turns South which obviously it’s going
to do again if it hasn’t already done
that but meanwhile because of all this
we’re now spending over a trillion
dollars a year just on interest on the
debt and if rates just stay where they
are sometime next year we’ll be spending
more than two trillion yep on interest
on the national not rate hikes just if
they stay where they are and so right
now interest is the third biggest line
item in the budget yeah it’s more than
defense but by the end of next year 2025
if rates stay where they are it’ll be
the biggest line item the US government
will be spending more paying interest to
bond
holders than it does making Social
Security payments or Medicare payments
just imagine that right as the biggest
government expenditure and of course it
doesn’t stop there because if this
continues for another few years that
interest expense keeps growing to the
point where before the end of this
decade the US government will be
spending 100% of what it collects in
taxes just paying interest on the
national debt now obviously we can’t get
to that point there there’s no way the
bond market the currency Market is going
to allow the US government to get to the
position where all of the tax revenue
goes to paying interest on the debt
right and we have no money for anything
right not even to pay the people to send
out the checks to the to the bond
holders we won’t have any money you know
that means that the government would
have to borrow 100% of the defense
budget Social Security Medicare
everything so sometime between now and
then this thing has to collapse the
question is when right does do we have
the crisis this year do we have it next
year do we have it in 2026
um but every year we don’t have it the
odds of it happening the next year grow
up well I’m I’m in the camp that I
believe that they have one more massive
print in them left before the bond
market just completely goes into
dysfunction um but this is one of the
reasons why a lot of people are moving
to assets like gold and Bitcoin so let’s
talk about gold for a moment um I was
surprised by one of the statistics that
talked about Costco people are just
flooding the Costco stores and
purchasing gold bars um gold recently
hit an all-time high you talked about it
recently on Fox so um you know tell tell
me about why the shift now in terms of
people actually actually purchasing more
gold including the central banks and why
it took so long after they’ve been
raising interest rates yeah well first
of all you know the Costco story is kind
of overhyped uh to kind of indicate that
this is some kind of mania that this is
the sign of a top because people are
going to Costco and buying gold
um you know Costco is just one store
it’s not like they got gold uh being
sold you know in all the stores right
you you know it’s it’s just Costco right
and I think they limit it to like maybe
three ounces of purchase so you’re this
is not that
significant um but it’s an indication of
the beginning of a trend that people who
didn’t buy any gold at all are now
starting to nibble uh and so I don’t
think this means that aha this is one of
these hey even the the taxi cab driver
is buying gold it’s time to get out this
is this this is early days of the public
and in fact if you look at real public
Demand right look at the the ETF
GLD um Americans have been net sellers
so the whole time gold rallied from 2000
to 2400 which was a 20% move in in in
under four months that’s a huge move for
gold I mean maybe not for Bitcoin but
that’s a lot of that’s a big move for
something like gold and especially with
the market cap I mean because gold has a
much bigger market cap so gold moving up
20% is like Bitcoin quadrupling or
something like that I mean it’s it
there’s a lot of market cap there so
despite the fact that gold moved up 20%
retailers were selling the whole the
whole time they kept liquidating uh
their gold Holdings um and you know I
have my backd rock up for shift gold um
you know that’s my gold my gold business
and you know we’re pretty good uh you
know taking the pulse of the market and
we know we talk to the wholesalers that
we buy from uh and they sell to our
competitors as well as us and business
has not really picked up much you know
it’s it it’s a little bit better but not
significantly better so it’s not like
all of a sudden the public has got Gold
Fever and they’re Rush to buy they’re
not that the buyers have been
foreign and a lot of it is central banks
eastern central banks Emerging Market
central banks that have been the big
buyers of gold and that’s why it keeps
going up even though a lot of retail has
been selling and the institutions have
been missing in action in fact just a
few months ago before the huge run up
the Big Wall Street firms were
downgrading the gold mining stocks
because they saw no upside in gold just
before it it it took off um and so the
question is why are these central banks
buying gold because you know they could
be buying dollars and holding us
treasuries and getting 5% but why are
they turning that down and owning gold
in getting 0% and I think it’s because
uh they can read the writing on the wall
uh they don’t have confidence in the the
the fiscal uh you know responsibility of
Congress or the ability of the Fed uh to
fight inflation and they’re voting with
their feet they’re selling their dollar
assets and they’re increasing their goal
reserves and I think this trend is going
to continue this is the dollarization uh
and central banks are moving out of
dollars and also to a lesser extent out
a Euros at a Yen uh and pounds and and
they’re they’re moving more into real
money they want to back up their own
currencies with money rather than
another fiat currency that’s backed by
nothing so this is the beginning I think
of that Trend it’s got a long way to
play out because the central banks still
way under own gold especially the
central banks that have been buying the
Western central banks uh have much
greater gold reserves uh as a percentage
of total reserves than Emerging Markets
but the Emerging Markets have all the
reserves they have much more in the way
of Foreign Exchange reserves uh than the
big countries and and so this is a major
shift and you know it’s unfortunate
because you got so many Americans who
have been buying Bitcoin or these
Bitcoin ETFs and they’re selling their
gold in order to do it and so you have
the eastern central banks taking
advantage of this uh they’re buying the
gold uh that Americans are selling and
and this is a negative development
because it’s basically a flow of wealth
uh leaving the us at going to China
going to India or wherever the gold is
being bought and Americans are just
stuck with nothing Well Peter I talked
about um some of these topics with Andy
sheckman of Miles Franklin I have a l in
the in the show notes for everyone we
talked about central banks buying gold
and de dollarization one thing that he
said that I’d love to get your thoughts
on is he said that the price of gold has
been suppressed and that that has
actually been benefiting these C central
banks to be able to acquire more before
the price really takes off do you agree
with that and like how do you think
that’s working well I mean it’s not
suppressed by some kind of grand
conspiracy I think it’s suppressed
simply because enough people in the
private sector don’t recognize its true
value you because they they still have
confidence in central banks they still
believe that inflation uh is not a
threat that the FED has extinguished it
and they would rather invest in uh in
growth stocks you know they it’s like
there’s an opportunity cost to having
your money in Gold I mean I can’t have
it in a magnificent seven and and so
people are still very uh risk seeking
they don’t have a lot of fear or or
concern about inflation or a debt crisis
I mean we’ve gone on for so many years
supposedly and nothing as bad has
happened even though a lot of bad things
have happened along the way they they
just don’t recognize it or know to what
to attribute it um but yeah you don’t
have the type of demand that we should
have from investors for gold uh
certainly the
institutions should be buying gold
Pension funds endowments hedge funds
should own some gold I mean they’re they
shouldn’t be all in Gold but they should
have 5% in Gold I mean they have nothing
in Gold um and the same thing for most
you know most individual investors have
no gold right I mean you know they
should have some gold and if a lot of
the people who have no gold decided they
wanted to buy a little bit of gold that
would send the price up a lot what
percent do you have in Gold well I have
a lot but it’s mainly because I own gold
mining stocks I mean I own physical gold
and silver
uh but I have half my portfolio which
doesn’t I don’t include the gold and
silver in my portfolio I look at my gold
and silver as savings like instead of
money in the bank I I look at it you
know gold in a vault right so that
that’s kind of my safe haven money my
savings but I own a lot I have 50% of my
Investment Portfolio is in Precious
Metals mining stocks and so indirectly
when you own a gold mining
stock you own the gold that’s in the
ground that hasn’t been mined yet and so
a lot that goal some of that goal
belongs to me as a shareholder and it’s
going to be mined in the future and sold
at what I believe is going to be a much
higher price and in fact I think that
gold mining stocks have been an ironic
victim of inflation because inflation
has driven up the cost of mining
dramatically over the last decade it’s
so much more expensive now to mine an
ounce of gold than it was because the
costs have gone up so much because of
inflation
you know the raw materials the labor
everything um but because investors
don’t appreciate how bad the inflation
problem is they haven’t bid gold up uh
you know commensurate with the cost of
mining it and so that has bitten into
the profits of these gold mining
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the show but what I think is going to
change over the next several years to
decade is gold is going to outpace the
cost of mining it and so the margins are
going to explode for these gold mining
companies and what’s going to really
cause the big gains is that a lot of the
gold that the market Market is assigning
no value to is going to suddenly have
tremendous value for instance if a
analyst that works at a Wall Street firm
has a long-term forecast and thinks that
the price of gold 10 years from now is
going to be 1,700 which is what they
generally think because they always
think price is going down but the cost
of mining is going to keep going up you
know you’re not going to have a big
earnings estimate but let’s say a a a
gold company has a major deposit of gold
but it costs $2,000 an ounce to get it
out of the ground well if Wall Street is
assigning a $1,700 gold price then that
asset has no value the mind is you know
they’re never going to extract the gold
because they would lose money on every
ounce and so you know losing money on
every sale may be good business if
you’re a tech stock and no one gives a
damn uh but if you’re a real business uh
losses aren’t good but let’s say all of
a sudden the gold price is
5,000 and May maybe the cost goes up
from $2,000 an ounce maybe even to 3,000
right but if it if if gold could be sold
for $5,000 an ounce and it cost you
$3,000 to get out of the ground that’s a
very valuable asset because the
company’s going to earn $2,000 for every
ounce they mine and so now something
that had no value on the balance sheet
could have billions depending on how
much gold they can extract at $22,000 an
ounce profit so I think a lot of these
stocks are just going to just explode
and that’s why I have such a big
percentage of my portfolio now of course
I’ve been waiting this out for a long
time right it’s not like I just started
buying these stocks I’ve been buying
them for over a decade and and and so
I’ve been buying more uh when the prices
were down um and then whenever the
prices really rally I stop buying and I
I buy other stocks right because I try
to keep it at about a 5050 between
precious metals and more traditional
dividend paying value type stocks that
have nothing to do
with gold and silver but I think to the
extent that you’ve got you know your
audience and they’re risk-seeking and
you know they’re gambling on bitcoin
personally if you want to gamble if you
want to make the moonshot right if you
want to buy the lambo and make 10 times
20 times 50 times your money the odds of
doing that in Bitcoin are extremely
remote
whereas the decline the the possibility
of a 70 80 90% decline and Bitcoin I
think is is is is real pretty pretty
substantial so I don’t see that the the
risk that that the reward is worth the
risk whereas with gold mining stocks can
you lose half your money in gold mining
stocks yes you could I think I think the
odds though are less that you’ll lose
half your money in Gold stocks than
you’ll lose half your money in Bitcoin
but on the other hand I think gold
stocks have a much better chance of
going 10x 20x even even 3x than Bitcoin
does so that’s where your money should
be if you want to gamble right if you
want a a risky investment that can make
you a lot of money you should look at
the gold mining stocks I just happen to
manage a fund the europacific gold fund
although Adrien day manages it for me
but anybody could buy it no load at any
of the discount brokerage firms or they
can contact EUR Pacific asset management
and buy it or you can you know pick your
own gold stocks or buy someone else’s
fund but I think that that’s where you
should be with your risk Capital if you
want to play it safe you want a safe
haven which Bitcoin clearly is not right
I mean look what happened on um on
Thursday night uh last week when Israel
uh you know retaliated against Iran and
the S&P went down one a half%
immediately Bitcoin went down 6% Bitcoin
went down more gold went up 1 and a
half% and hit a record high Gold’s a
safe haven Bitcoin is not and so if
you’re looking for just a safe place to
store your wealth then buy physical gold
if you’re looking for a speculative way
to increase your wealth look at the
mining stocks but under no circumstances
should you look at
Bitcoin well you mentioned earlier
opportunity cost and I’ll just share
with the viewers very transparently I
used to be more Diversified into
precious metals into gold um and and
they’ve underperformed Bitcoin and and I
wish that I had placed some of that
money into Bitcoin so that I could see
the tremendous upside that Bitcoin has
experienced in the last couple of years
so do you ever look at I mean whether
it’s Bitcoin or even some of the tech
stocks do you ever feel like you really
missed out on better Investments whereas
gold yes it maybe it preserved your
wealth and your purchasing power but it
it didn’t um increase it by as much as
other assets well you know hindsight is
always 2020 so you can always go back
and look at the things that you should
have bought after you already knew what
happened to them right so but you have
to make decisions in real time uh and
and so when you’re doing that I I I I
think my decision not to buy Bitcoin was
a prudent decision now with the benefit
of hindsight yes I would have made a lot
more money had I bought Bitcoin 10 years
ago 20 but you know had I bought it
three years ago I would be worse off you
know people aren’t talking about this
but Bitcoin today is over 20% below
where it was three years ago priced in
Gold so if you bought big coin three
gold three years ago you’ve got more
money than if you bought Bitcoin um and
with a lot less volatility too as a
matter of fact I mean you didn’t have as
nearly as big a collapse I mean somebody
who bought Bitcoin three years ago might
have might have sold out at a huge loss
because of there was a big drop but you
didn’t have that kind of volatility in
gold and you know even though Bitcoin
right now you had all these ETFs that
came in and all this Bitcoin was bought
Bitcoin is only around 66,000 that’s
near the highs but it’s still below the
69,000 peak in dollars from 2021 so we
haven’t been able to blow through the
highs despite all this ETF buying what
you have to ask yourself is what’s going
to happen when the ETF starts selling
you know because the ETF buying bid it
up well it’s going to go down even
faster when the ETF buyers become
Sellers and that is going to happen the
people who bought these ETFs are normal
traders who took a shot because of all
the hype and all the advertising you
know all these big discount brokers hey
we got these ETFs we got this stuff
Black Rock Fidelity all these guys and
so some people just took a shot yeah let
me buy it right I mean just like they
buy any kind of hot IPO or something
people get you know excited about it
they want to try to make some money they
don’t even really understand you know
what you’re talking about and and and
and and the reason that you and a lot of
you know your your audience is in
Bitcoin this is a whole new audience uh
now there there could be a few people
yeah that you know maybe that bought
some that were already True Believers
but you know they had an IRA and it was
like all right I can buy them my IRA now
but most of it is new money uh people
never bought any Bitcoin in their lives
are just buying it for the first time so
they don’t have experience with the
booms bus boom busts they just have
experience with the stock market they
bought these ET ETFs a lot of people who
bought the ETFs actually sold the gold
ETFs to to get the money or they sold
some gold stocks to get in these ETFs
but they’re not hoders they’re not you
know dime in hands take my Bitcoin to
the Grave I think they will be I I don’t
think they will be there’s no reason to
think they will be I think they’re gonna
treat these stocks the way they treat
anything else I think I think if they go
down 20 30% they’re out right they’re
going to say no Moss I I’m going to I’m
going to move move on and try something
else that didn’t work well I to your to
your earlier Point Peter about you know
gold outperforming over the last three
years I do want to bring up a chart
because sometimes we can’t just
cherry-pick certain time frames Bitcoin
has uh outperformed gold in the last
three months the last six months the
last year two years you’re right on if
you look at three years gold
outperformed in the three-year time
frame but then year four 567 all Bitcoin
not gold yeah because a you’re talking
about the early days of the Bitcoin
bubble when Bitcoin outperformed
everything I mean so it’s not like to
say oh it outperformed gold it
outperformed every asset there is so
it’s got nothing to do with gold but my
point is that I think the whole Mania
has topped out and as of now we’re not
going to 100 we’re not going to 100
Peter probably not probably not now it’s
now it it could happen but I would say
if it was going to go to 100 it would
have already gone there you got to ask
yourself why is Bitcoin almost 30% down
priced in gold from where it was at its
peak you know why did it lose so much
value relative to Gold if it’s so much
better than gold if it’s the fastest
horse in the race right gold 2.0 why is
it losing it’s in a bare Market despite
all the hype all the advertising dollars
you know all this Wall Street money
pushing people in to bitcoin it’s still
still in a bare market in terms of gold
nobody on Wall Street is pushing gold I
mean you know it’s it’s all crypto I
mean you go on look at these Financial
we were on Fox Business or you look at
CNBC they talk crypto nonstop they
barely even mentioned gold yet gold is
still beating Bitcoin uh you know over
this that particular time frame and I
think it’s probably going to continue so
I think two years from now gold will be
beating Bitcoin for five years wow and
you know another five years it’ll be
beating it over 10 but you know yes if
you go back 20 years sure if you start
when Bitcoin was a penny it’ll always be
beating gold I mean even if in 10 years
Bitcoin is
$100 you could still argue that since
Inception it beat gold because gold
would have to be up you know a thousand
times to you know because gold didn’t
start at a penny so if you go back long
enough you’re is going to see and I
think that the Bitcoin promoters are
going to be sticking to this you know
going back going back you know there’s
that song what have you done for me
lately Bitcoin hasn’t done much for you
lately you know oh no it’s it’s up only
100% the year it’s only up 100% on the
year but it’s done nothing no but that’s
because it’s sold off a lot before the
year started okay Peter I actually I
really want to talk about something that
U you brought up during the Fox Business
debate that we had one of the reasons
that I think think we got to a place
where we have all of this I we don’t
have capitalism I think we have creditis
right we just issue more and more credit
and we paper over everything and we we
are just in an Empire of debt at this
point and and one of the reasons I think
we got to this point is because gold
does have defects and it’s prone to
centralization it’s very physical it
gets centralized in in in vaults and
reserves and then people paper on top of
it and they fractionally Reserve Bank
and they rehypothecation and that’s led
to some of the issues and you you on Fox
when you responded to me you said well
it’s it’s human nature it’s not gold
that’s the problem it’s human nature but
we can’t fix human nature I mean we
can’t just return to the gold standard
and hope that humans will no longer be
greedy and incentivized by profit um and
rent seeking so my question to you is
what what is your answer to that because
Bitcoin creates a new system of
incentives that essentially kind of
rewards positively a system where we’re
greedy but It ultimately helps everyone
in the
network well you know gold didn’t work
for so long uh because it’s it has
defects it it’s worked for thousands of
years because it’s the best monetary
system uh we we’ve had and yes humans
have defects democracy by its nature is
a defective form of government that’s
why the founding fathers created America
to be a republic and and to the extent
that we held true to our Republican
Roots we were able to preserve a a a
better gold standard uh than than the
monetary system we have now but yes from
time to time you’re going to have um you
know episodes where uh gold takes a back
seat and you have these experiments in
paper money and Fiat money and Booms and
bus and uh there’s no doubt in my mind
that this period will end and you know
we could return to a hopefully a a long
period perod of more of a gold standard
again uh that will you know impose the
type of fiscal and monetary
discipline uh that the politicians don’t
want uh but that the people need you
know you mentioned on Fox Business that
Bitcoin was the people’s money gold and
silver they’re the people’s money the
people created money government
government didn’t say gold and silver is
going to be money the reason governments
adopted gold and silver as money is
because that’s what the people were
using
that’s what the people wanted so when
the Kings wanted to pay their soldiers
they needed to pay the soldiers in money
that the soldiers could use to buy food
and you know so that was gold and silver
so all they did is they coined it they
took the gold and silver and they made
coins out of it now what governments
eventually found out is you know we
could debase the coins yeah we could
take these gold coins and stick some
copper in there and nobody will know
right and then we can create inflation
and we can rob people of of the value
that they think they’re getting and that
was kind of the beginning of it right it
became much easier once they had paper
money because initially paper money was
backed by gold and then the politicians
realize hey we can print a bunch of
money and just pretend it’s back by gold
right but this is not a flaw of gold
this is a flaw of of humans but you
don’t eliminate that flaw by going to
bitcoin because Bitcoin is completely
flawed from the from the beginning
because it doesn’t have any substance it
doesn’t have any value there’s nothing
there it’s just just a digital string of
numbers that has a price it has a price
because people want to buy it but it
doesn’t have any underlying value to
support that price other than the belief
that the price is going to go up because
more people who don’t care it doesn’t
have any value or who don’t know it
doesn’t have any value are going to be
willing to buy it and so you can’t base
a monetary system on on hype you know on
a you know on a Ponzi on a pyramid I
mean it’s it’s literally a blockchain
letter is what it is and I I agree with
you there are people who are hoping you
said you know Bitcoin gives you hope it
gives you false hope there are a lot of
people who think they’re going to get
rich they hope they’re going to get rich
because the only shot they have is to
gamble on bitcoin because they don’t see
any real path to wealth so they figure
I’ll just take a shortcut I’ll buy this
Bitcoin and holdal till the moon but
it’s not going to happen they’re going
to be disappointed the people who have
put their faith in Bitcoin are going to
lose now there are people people who
made a lot of money in Bitcoin and I
know a lot of those people they got in a
long time ago and the reason they made a
lot of money is because they’ve sold a
lot of their Bitcoin now they might not
have sold at all but they’ve been net
sellers over the past few years right
they’ve been taking their Bitcoin and
gradually selling them and buying other
assets well well Peter we we live in a
world of electronic ledgers right that’s
how we all communicate value right now
in all sorts of different currencies the
US dollar currently being the most
powerful we send that um that monetary
information across the globe it does not
settle obviously instantly and I would I
would think that you probably imagine
that your children and your children’s
children will live in a world of digital
money in some format so wouldn’t
wouldn’t you want them to have a form of
money that no one can control and
manipulate and that it’s a ledger owned
by everyone as opposed to a centralized
Ledger which whether it’s a physical
gold or not It ultimately becomes is
controlled by very few people I don’t
even look at Bitcoin as money because it
doesn’t meet the ba basic definition of
money as the most marketable commodity
because it’s not a commodity at best
it’s a currency at best but it’s not
really a currency because no one uses it
at a currency but if it’s a currency
it’s a fiat currency because it’s it
derives its value uh from from Faith
from the belief that people have that
it’s going to have value you know I I I
was looking at the interview that you
put up on on on your website and it got
a lot of views and I was you know
looking at some of the comments and I
noticed like one of the comments that
somebody made you know about why I don’t
get like why why doesn’t Peter get
Bitcoin what is it you know they can’t
figure out why I don’t get it I mean I
do get it I just don’t believe what they
believe but he said look you know
Bitcoin is just a digital version of
gold Gold’s analog Bitcoin is digital
and his comparison was photography he
said you know at one point you had a
camera and you had film and you had to
develop it and now we have digital
cameras and so going to digital gold is
the same thing it’s not the same thing
is completely different because when I
take a digital photograph I still get a
photograph right it’s just a different
form of photograph but I still have a
photo of my kids I can send I can email
that photo to their Grandma who could
have a photo I can put it in an album I
can look at it it’s a it preserves a
memory so you’re turning it digital you
just said you’ll email it that’s a
digital version but a digital photo not
analog let me finish the analogy a
digital photo is still a photo I get the
same utility from a digital photo now
digital gold Is Not Gold anymore than
digital food is food you can’t you can’t
have a diet of digital food you will
starve digital gold does not give me
gold here here’s a this is a bracelet I
got I just as a new bracelet but it’s
it’s gold it’s a 4 ounces of gold I it’s
made by man nice very but you can’t make
a bracelet out of Bitcoin it won’t it
won’t work now you can’t conduct
electricity with Bitcoin you waste a lot
of electricity creating a Bitcoin but
you can’t unleash that that energy in
the future you can’t conduct it gold is
a great conductor of electricity it has
a lot of other properties that are very
unique to gold gold is the most useful
metal on the periodic table and it would
be used for even more things if it
wasn’t so expensive and it’s so
expensive because it’s very scarce well
so you digital gold Is Not Gold it
doesn’t work it’s not the same thing as
digital photography well you know I mean
the vast majority of gold’s price comes
from its monetary premium which same
goes for Bitcoin I mean central banks
are not buying up all this gold because
they can use it for industrial purposes
or to make bracelets like the one on
your on your wrist right but Natalie
they’re buying that gold only because in
the future maybe a 100 years or a
thousand years in the future that’s
exactly what can be done with it when
you’re buying gold you’re storing all
the future use of that gold right now in
the present it is a real commodity right
the reason you can’t do that with other
Commodities is they Decay they rot right
gold doesn’t lose its P properties over
time so all the value of that metal you
can store it right but Bitcoin doesn’t
have any value to store it has a price
but price and value are two completely
separate things wow so it it’s Bitcoin
isn’t a store value it’s not a safe
haven we know that from the way it
trades uh so it’s got nothing in common
with gold so why is it digital gold it’s
not I mean you can say it’s digital
Fool’s Gold I’ll give you that but it’s
not digital gold okay well Peter as we
start to wrap up because we are running
out of time I do want to talk to you
about intrinsic value because you are a
student of Austrian economics just like
me it’s of the reasons why I’ve enjoyed
following a lot of your work and in uh
Ludwick Von mises’s book Human Action
this is what he says about intrinsic
value and I want to get your take on it
value is the importance that acting man
attaches to Ultimate ends only to
Ultimate ends is primary and original
value assigned means are valued
derivatively according to their
serviceableness in contributing to the
attainment of ultimate ends their
valuation is derived from the valuation
of the respective ends they are
important for man only as far as they
make it possible for him to attain some
ends value is not intrinsic it is not in
things it is within us it is the way in
which man reacts to the conditions of
his
environment yes and I I there’s nothing
in that uh quote that would support
Bitcoin or undermine gold he’s just
saying that the the value is not in the
object right in but it’s like beauty is
in the eye of the beholder right and so
is value I guess no no but that actual
value what you could do with it the fact
that Bitcoin has I mean that gold has
all these uses you you you can’t
question that all the things that gold
is used for are are are objectively true
now the value that any individual wants
to place on all that utility sure you
know one person can value gold more than
somebody else let let’s take a look
let’s say uh uh you know a steak you
know what’s the value of a steak to a
vegetarian well it’s not worth anything
right because she’s not going to eat it
right so there’s no value there but even
though but you’d have to argue that well
even though that vegetarian doesn’t
value that steak somebody will value it
because not everybody is a vegetarian
somebody can eat that steak and and get
enjoyment out of it even if to the
vegetarian the steak is worthless right
because they don’t eat meat but so with
bit coin there’s no value for anybody
you know there there’s nothing anybody
can do with it nobody can eat it it’s
nothing so I I think if if mises were
here he would be right with me in the
gold Bitcoin debate I don’t think he
would be buying into all the Bitcoin
hype I think he would be in favor of
real sound money uh Bitcoin is not sound
money it’s not even close to sound money
um you know just ironically the reason
we call it sound money is when you drop
gold on a counter it makes a sound sound
you know that’s that’s where and you
know you don’t you don’t Bitcoin doesn’t
make any sound hard money hard money
means if you drop it you know on your it
hurts it it’s hard it’s not soft Bitcoin
is neither hard nor S soft because it’s
nothing it’s just it’s just numbers
that’s all it is um and the thing is
Bitcoin has already failed as a currency
because it’s too expensive to use too
slow nobody uses it as a currency uh
everybody then reinvented it as digital
gold but as I said it’s not digital gold
it can’t it doesn’t have any of the
properties of
gold all I got tell those things are not
true if you travel the world a lot of
people are using it especially as a
hedge to far worse inflation or to use
it as a peer-to-peer Network for
Commerce and are you doing anything
Natalie are you what if you’re wrong I
mean could you entertain the possibility
that you might be wrong about Bitcoin
and maybe I’m right and it’s going to
collapse one day is that even possible
do you do you entertain the same thought
that you could be wrong about Bitcoin I
think there’s a remote chance but let me
put it this way let’s say I am wrong
okay and Bitcoin goes way up I don’t
care it’s not it’s not going to affect
me right well you’ll miss out on a lot
of uh but I look I there are a lot of
things I’ve missed out on in my life you
can’t catch everything but I’ve got
enough wealth that you know people I I
get a kick when people go on and and say
have fun staying poor like like I’m poor
right no matter what happens to bitcoin
I’m not going to be poor right and so
I’m very happy for you we all want you
on team Bitcoin we really do and and do
you ever think about the fact that if
you were to say one day I mean you got
to know that if you were to wake up one
day and tweet I bought Bitcoin I believe
in it how many millions of people I did
that I did that once it was an a it was
an April Fool’s joke you know and then
of course people try to act like I like
I like I was sincere no but I’m trying
to ask you a question right what are you
doing because if you know if you’re
wrong and you got everything in Bitcoin
you’re broke right and in fact here’s
what I find also I think is you know a
double standard and and and and an
example of of you know confirmation bias
when I was reading all of the comments
on the
YouTube so many people were saying well
of course Peter Schiff is against
Bitcoin because he’s a gold salesman he
sells gold right well I didn’t always
sell gold I didn’t even start selling
gold until 2011 but I was recommending
it 10 years earlier so even when I
wasn’t involved in Gold I told people to
go buy it from other sources so I only
started selling gold because the people
I was recommending to buy gold were
getting ripped off by these unscrupulous
gold dealers that were pushing them into
numis mtic so I only started my gold
company so that the people who were
buying gold off of my recommendation
wouldn’t get ripped off that’s where it
started but the bigger point is so
everybody wants to say that I’m I’m
biased that you can’t trust trust what I
say about Bitcoin because I sell gold
yet nobody wants to acknowledge your
bias whether you know you have it or not
you’re entire life is now based on
bitcoin it’s not just that your money is
in Bitcoin your business your
personality you’re 100% invested in the
success of Bitcoin so how can you be
objective right when you have so much
writing on the success of Bitcoin you
cognitively you can’t even accept that
I’m right well Peter I actually I have a
a a very um candid response to that I I
come from a background of Journalism
where I used to pitch stories on things
like Bitcoin and the and the economic
situation that we find ourselves in and
um what was very difficult for me was I
was starting to learn about Bitcoin but
the way that I had to report on it was
basically in order to make a neutral
story I had to have you know one one or
two people that said something great
about Bitcoin and one or two people that
said something bad and then here you go
let the audience decide and as I learned
more about Bitcoin I felt like I Wasing
a great disservice because some of the
people who were saying negative things
were absolutely wrong about it in your
opinion they were wrong I didn’t want to
put that information out there and so I
I have made a choice you know I made a a
a conscious choice to leave my previous
career because I believe so much that
this is our best chance for solving the
biggest issue which I think we face the
fact we have inflation that we have
inflation and people cannot save for the
future I don’t think that gold has um
has no merit at all I just think it’s
for it’s not for the digital economy of
the future I think that uh gold will
perform well but Bitcoin will outperform
it and yes I started with a small
allocation then I grew in my knowledge
and my allocation grew and now I’m at a
point where more than 50% of my wealth
is in Bitcoin because I feel comfortable
enough and I can sit through the
short-term volatility knowing that this
is the best chance for me to preserve
wealth down the road not just for myself
Peter but for the people I care about
and for hopefully my descendants this
isn’t just about me so yes I am biased
but I’m biased for a reason because I’ve
done my homework yeah well first of all
you know I applaud the fact that when
you were a journalist you you felt
compelled to give people both sides that
doesn’t happen today like on CNBC
there’s rarely a negative voice heard
about Bitcoin it’s it’s all bulls and no
bears uh so they’re and I think that’s
because their advertisers are all crypto
and don’t want to piss them off but I
have no doubt Natalie that you are 100%
sincere in in what you’re saying I don’t
get any sense from you that you are not
being 100% honest the point is that
sometimes your judgment can be clouded
by your own uh perception or bianes and
your old world view which you know to
accept that you’re wrong would be so you
know so Earth shattering that you almost
want to tune out anything that would
suggest Gest it it’s subconscious it’s
not something that you do now you could
accuse me of doing the same thing I mean
I’m not saying that it couldn’t be the
other way but your people that’s my
point is the people that are following
you they can’t they can’t accept the
fact that that I’m being honest that I
don’t have an ulterior agenda that I’m
you know I I just believe what I believe
because that’s what I believe and and
you believe it because of that the same
for the same reason they think that no
no no I don’t really I don’t really
believe what I’m saying about Bitcoin I
I must be lying I’m just trying to sell
gold and a lot of people think I
secretly own all this Bitcoin I don’t
it’s not a secret I don’t own any I mean
if I owned it yeah I you know I’d say it
I owned it uh but I don’t you know it’s
not a secret I’m honest about my not
owning Bitcoin I’m honest about the fact
that I’ve never bought Bitcoin I had
some for a little while but they were
given to me you know and I lost them so
I don’t have them anymore but now and
I’ve admitted that yes do I do I regret
not buying it when I first learned about
it of course I mean what idiot wouldn’t
regret it in fact everybody who bought
Bitcoin you know in 2010 regrets that
they didn’t buy more I mean you’d have
to be a right because look at what
happened right as I said earlier
hindsight is 2020 right so sure could I
have been a billionaire had I bought
Bitcoin when I first heard about it yes
I would be a billionaire I think I’ll be
a billionaire eventually anyway without
Bitcoin but yeah I would have got there
a lot quicker had I taking that shortcut
so sure yeah I I regret that but people
think oh that that you know that doesn’t
mean anything it just means that I’m
honest I’m always honest about what I
say and I it’s not that I haven’t done
my homework or haven’t researched it
I’ve done my homework I’ve researched it
I’ve just come to a different conclusion
than you have and so the people who like
Bitcoin have to recognize it it’s not
that I just don’t know it I haven’t done
taken the time to do my homework or I’m
biased I’ve done all my homework I’m not
biased I just have an honest opinion
that is different from the people who
you know support what you’re saying and
believe that Bitcoin really is uh the
solution to this problem that it really
will work as money and that it is going
to a million or whatever you know there
are people who honestly believe that and
then there’s people like me who honestly
believe that’s a fairy tale and it’s not
going to happen well I I understand that
we have different views I I respect
yours I’ve I really do enjoy following
your work especially with regards to
your your macro anal is we agree on the
problem we agree on the causes of the
problem we disagree on the solution and
that’s okay I still believe in the
future you will one day tweet that
you’re buying Bitcoin um anything else
just to just to close up anything you
want to leave the audience with uh you
know again just everybody be
open-minded and you know you keep you
know follow me on my my social media I
mean even if you disagree with me on
bitcoin you can agree with me on a lot
of other things that have led you to buy
Bitcoin unfortunately you know for a lot
of people the road to bitcoin went
through me and I you know I feel you
know a little bad about that you know if
I’m GNA be responsible for for their
their losses but also
remember if you’re right Natalie that
Bitcoin is going to go as high as you
think you don’t need to own that much of
it you know just head your bets just in
case just in case it doesn’t do that you
know uh a lot lot of people end up
getting disappointed in life I mean
things that you think are going to
happen don’t turn out the way you you
plan so have a contingency don’t make an
All or Nothing bet on you know on a
potential long shot that could go way up
it’s like would you put all your money
into one lottery ticket of course not
right because you’ll probably lose now
maybe you don’t think Bitcoin is quite
as risky as a lottery ticket but there
is risk there right uh it’s not you know
uh that there’s no risk and you’ve seen
Bitcoin go down right many times in the
past by that’s very true and there’s
there’s no guarantee that the next time
it goes down it’s going to come back up
right it may not but if it does you can
always buy some more then right you
don’t you know you can it’s not like you
can’t sell and then if it drops a lot
you you can buy it back you know so just
be uh you know careful be prudent and
take some of your winnings off the table
because right now most people at this
price should have winnings I would
imagine almost everyone yeah so pair
down your bets and do something stable
you know whether it’s buying gold or
investing in dividend paying stocks you
know some real estate you know buy
something else don’t just hle it all and
just you know keep it all on you know on
black 24 and just hope that’s the the
number that comes up just do something
and what’s the worst case scenario okay
so you don’t you make a little bit less
money when Bitcoin goes up but you’re
still Rich right but the best case
scenario or best case but if Bitcoin
crashes at least you’re not broke at
least you’ve got something else that
that maybe made a good return well I
always recommend people should invest
based on their knowledge based on the
work that they’ve actually put into it
as opposed to just you know reading a
few things on Twitter and don’t worry
you’ll be happy to know Peter that I
might potentially sell some Bitcoin in
order to buy my Dreamhouse someday so I
might take some some profits off the
table at that point don’t wait too long
though because you may not be able to
afford that dream house Peter it’s
always great to talk to you thank you so
much I’ll have all the links in the show
notes great Natalie Take Care thank you
so much for checking out this episode of
coin stories if you’re listening on the
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In this episode of Coin Stories powered by Bitdeer Technologies Group ($BTDR), Peter Schiff and Natalie discuss:

– The state of the economy and whether a “crash landing” can be avoided
– Interest rate hikes and inflation
– Gold’s recent ATH
– Gold miners underperforming
– Bitcoin vs gold
– What is intrinsic value?
– Does Peter regret not buying Bitcoin? (Yes!)
—
To invest in gold, silver and precious metals from Miles Franklin, email info@milesfranklin.com and mention Natalie sent you or call 952-929-7006 and mention Natalie.
—
Bio: @peterschiff is the founder, CEO and Global Strategist of Euro Pacific Capital, honorary chairman of SchiffGold, and host of The Peter Schiff Show. He is an economic forecaster and investment advisor influenced by the free-market Austrian School of economics. He is one of the few forecasters who accurately and publicly predicted the 2007 housing market collapse and subsequent 2008 financial crisis. His book, “The Real Crash: America’s Coming Bankruptcy – How to Save Yourself and Your Country,” warns that the 2008 crisis was just the prelude to a larger sovereign debt crisis in the United States that may lead to a collapse of the US dollar.

Follow Peter on X at https://twitter.com/PeterSchiff

⚡ Coin Stories is powered by Bitdeer Technologies Group (NASDAQ: BTDR), a publicly-traded leader in Bitcoin mining that stands alone as the only vertically-integrated, technology-focused Bitcoin mining company. Learn more at https://bit.ly/bitdeercoinstories.
—
Natalie’s Promotional Links:
⚡ Bitcoin Nashville is July 25-27th! Join me for my 3rd Annual Women of Bitcoin Brunch! Get 10% off your conference passes using the code HODL: https://b.tc/conference.
⚡ Buy Bitcoin, secure it through multisig collaborative custody, start a Bitcoin IRA or take out a Bitcoin loan with UNCHAINED: https://shorturl.at/jmW29 promo code Natalie
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⚡ Master Bitcoin self-custody and privacy with 1-on-1 help and gain peace of mind with the help of The Bitcoin Way: https://www.thebitcoinway.com/partners/natalie-brunell
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— This podcast should not be construed as investment advice —

🗒️ IN THIS EPISODE:
00:00 Peter’s still recovering from beatdown
2:22 Chances of recession
7:01 Bitdeer Technologies Group promo
7:59 Debts and weak economy
10:57 Dollar Tree customers
16:46 Inflation and interest payments
20:34 Buying gold at Costco
25:53 Suppressing price of gold
29:14 Bitcoin 2024 promo
29:46 Coinkite Coldcard Wallet promo
30:07 The Bitcoin Way promo
30:40 Gold will outpace mining
35:09 Peter Schiff regrets not buying Bitcoin
39:00 Bitcoin outperforming everything
41:48 Gold vs Bitcoin
46:48 Peter says Bitcoin isn’t money
51:17 Assigning value
54:54 Being wrong about Bitcoin
1:00:56 Peter Schiff regrets not buying Bitcoin
1:05:39 Fountain app promo

💡 OTHER RESOURCES
Natalie’s website https://talkingbitcoin.com/
Peter’s websites https://schiffgold.com/ and https://europac.com/
Miles Franklin Andy Schectman on Coin Stories https://www.youtube.com/watch?v=RBToTeApniI

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Producer: Aron Bender https://www.linkedin.com/in/aron-bender/

DISCLAIMER Coin Stories is for entertainment purposes only and does not give financial advice. #bitcoin #crypto #money