Peter Schiff: Bitcoin Shills Are SCAMMING You!

Peter Schiff: Bitcoin Shills Are SCAMMING You!

I have no problem I mean I I you know
I’ll do a debate with some Bitcoin guy
and I’ll have a lie detector on and I
mean I’m completely honest but you get
somebody a Bitcoin guy because everybody
says oh Peter you know he’s not
objective right because he sells gold I
mean first of all gold is a small part
of my business and I can’t move the
price of gold no matter what I say gold
market is so big and so liquid I cannot
move the price of gold if I said hey I
put all of my net worth into gold I’m
going to put every dollar I have into
gold every every day I mean it’s not
going to change the price of gold right
but they give these Bitcoin guys a
complete pass when they have an entire
business built around Bitcoin they have
all their life savings in Bitcoin and
then they come out there and talk about
how great Bitcoin is and how everybody
should buy it and it’s going to the Moon
whenever I came on and talked about gold
somebody I would say oh you’re
just saying that you’re just trying to
sell gold you you know you’re just you
know talking they always accuse me of of
of of having a bias which I didn’t I I
tell I encourage people to buy gold
because I think they should and by the
way I’m not selling my own gold I’m not
selling any of my gold
I’m an intermediate but I see on CNBC
every single day all throughout the day
one guest after another touting Bitcoin
because they’re from the Bitcoin
industry right and their whole life is
based on bitcoin going up and they they
spew all kinds of nonsense and not once
I ever heard anybody say oh come on I
mean are you just saying I mean you come
on you’re so biased I mean what else are
you going to say you know no one ever
does that and in fact the other thing
that’s funny is when I used to come on
CNBC and talk about inflation or
potential
hyperinflation or you know the dollar
being debased or the Federal Reserve and
I had all that stuff I was saying and
then I would say oh you should buy gold
oh that’s crazy that’s nonsense that’s
never going to happen yet everybody that
goes on to tout Bitcoin they can say all
the stuff that I used to say and they
never get any flak it’s oh okay yeah
that’s great yeah that sounds reasonable
so if you think people should buy gold
you’re not able to go on CNBC and tell
people why because they’ll make fun of
you but as long as you’re touting
Bitcoin you can say whatever you want
and nobody is going to question you no
at the same time because everyone on
CNBC they’re all bullish on the stock
market they love the FED they love Fiat
money but they also love Bitcoin they
want every they want everyone In Their
audience
and then I see grayscale their biggest
Advertiser advertising and I think okay
well that makes sense now I mean
obviously they want that ad money to
keep on flowing and so how does how does
grayscale get the money to buy all these
ads from all the people dumb enough to
buy into the trust they don’t want
anybody to come on to say oh maybe
bitcoin’s you know maybe it’s going to
crash maybe these guys are not being
honest so that’s where you have all the
bias the bias is not me I’m not biased
against Bitcoin it’s all these other
people that their entire life depend on
bitcoin who are biased in favor of it
I’m just being
objective well but but Peter you know
what they say that you know Richard
feeman greatest physicist some say of
the 20th century said the first
principle is you must not fool yourself
and the second principle is you’re the
easiest person to Fool in other words we
all have confirmation bias we all have
some cost fallacy that because we’re
human beings even scientist you know oh
you’re a scientist let’s listen to the
scientist no I’m like don’t listen to me
because a scientist is the least likely
person to trust other scientists that’s
what our job is is to not trust you and
to not listen to experts as Richard fan
said uh you know science is the belief
in the ignorance of experts I want to
ask you um you know thinking back
whenever I see Bitcoin the funniest
thing to me is that they always show it
as a gold coin it kind of like
undermines its own that’s part of the
fraud I mean that’s why you mine
Bitcoins right you don’t actually mine
them you solve a mathematical problem
right how was that mining yeah but they
wanted to make believe that this is
alchemy this is the fraud that’s why I
call it Fool’s Gold is because they’re
representing it as if it were gold and
yes Bitcoin replicated a lot of the
properties that gold has that made it a
better form of money than cattle or salt
or you know or or or or wheat or
anything else you know whatever could
have been used as money and so Bitcoin
replicated those qualities but it
doesn’t represent the actual underlying
value of Gold without which none of the
other properties would have mattered
dividing nothing doesn’t matter right
the fact that uh you know it’s fible or
immutable whatever these things are
ultimately doesn’t matter if if if you
don’t have anything it matters to Gold
because you have you have real gold you
have a valuable metal so you know so the
whole thing is a fraud but if you’re
talking about confirmation bias yeah
it’s all on the bitcoiners because their
confirmation bias is the price wrong
because the price went up even though I
never said that the price couldn’t go up
I just said that it won’t stay up now
yes I did not realize it would go up
this much from the beginning and maybe a
lot of people who did buy it originally
didn’t think it would go this High maybe
some of them did but obviously a lot of
people bought Bitcoin and sold it when
at 200 or a thousand you know and they
don’t have it they thought that was high
and they got out so I don’t know I
didn’t gamble on bitcoin and I could
have right and I if I had put all of my
net worth into
Bitcoin and I held it all until today
would I be richer yes of course but how
many people did put all their net worth
I mean how I mean if I had just put you
know know 1% and I did it you know when
it was a thousand or five it would
really it wouldn’t even make a
difference really to me I mean obviously
if I put 1% of my net worth when it was
a penny yeah it’ make a big difference
but you know if i’ had done it back then
I mean it’s not I mean and i’ I’ve
bought other things I’ve bought other
Investments over the last five years
that have 10x or 20 so I but again I
didn’t have my whole net worth in them
because I diversifi right you know and
so yeah is there somebody that just bet
it all on bitcoin they took a hell of a
lot of risk doing that what would be for
you what would either falsify you know
the Bitcoin what would constitute proof
that Bitcoin is falsifiable and
therefore not worthy of a theological
purpose as money or as store of value
what would constitute the fact that it
it has no value in and of itself is
proof that it can’t be a store of value
because you can’t store what you do not
have um you know it it it fails as a
currency and you’ve already uh admitted
that uh it doesn’t work as a currency uh
so that’s you know that’s obvious uh and
so then you’re left with a store of
value but if it can’t ever be a currency
and that was the only supposed value it
had uh then what what exactly are you
storing you’re storing a belief you’re
storing faith I mean that’s why you have
all these people uh in the Bitcoin
community that you know that don’t like
Fiat money and I’m glad they at least
know what fiat currency is I mean
Bitcoin Bitcoin has basically
popularized Fiat I mean before Bitcoin
if you heard Fiat you thought about the
automobile I mean that was pretty much
it at least they’ve educated people
about the concept of Fiat money versus
real money which is gold but what they
don’t get is that Bitcoin is is is also
Fiat even though it’s not you know
created by a government you know at the
end of the day what gives fiat currency
its value is confidence it’s Faith it’s
my belief that other people will accept
it in the future if that confidence goes
then it doesn’t matter what the
government does it’s toast so and that’s
why no fiat currency has ever survived
they have all collapsed they all
eventually revert to their intrinsic
value which is zero the same thing is
going to happen with Bitcoin and it
doesn’t matter that you think the supply
is limited and you know of course
there’s an unlimited supply of
competitive cryptocurrencies and
everybody wants to say oh they’re
shitcoins you know they it’s I I get a
kick out of how everybody is criticizing
Dogecoin well you get the same thing
applies to bitcoin I fact Dogecoin is
better than Bitcoin I can make a strong
case that it’s Superior to bitcoin even
though of course I don’t recommend
either one but the fact is there is no
real scarcity when you when you really
look down but even if you accept the
fact that there’s just there’s just
Bitcoin and if all the other coins go to
zero because they’re worthless and
bitcoin’s not it’s all about confidence
it’s all about people are buying Bitcoin
today because they believe somebody else
will pay more for it tomorrow that is
the only reason I’m buying it if I no
longer have that belief leave then I
don’t want it and if I don’t want it
neither does anybody else and since
bitcoin’s intrinsic value is zero just
like Fiat paper money it’s Fiat digital
money when the confidence is lost so is
all the market value so Bitcoin is is
Fiat you know in in that sense uh gold
is not gold is real

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Why does Peter Schiff encourage people to buy gold? Is it because he benefits from it? Or does someone else benefit from selling you something else? Who is actually biased in the debate about Bitcoin and gold? Find out in this clip!

If you liked this clip, check out our full interview: https://www.youtube.com/watch?v=Qn_DPYtChP4

Peter David Schiff is an American stockbroker, financial commentator, and radio personality. He is the CEO and chief global strategist of Euro Pacific Capital Inc. and the principal host of The Peter Schiff Show podcast.

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