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Peter Schiff Scores Big Win Against Anthony Scaramucci and Bitcoin

cryptoknowmics.com 27 August 2021 01:30, UTC

Veteran financial broker and economist Peter Schiff persuaded more than half the viewers of a recent debate that gold was a better store of value than Bitcoin. Schiff was debating Skybridge Capital founder Anthony Scaramucci, a proponent of the flagship cryptocurrency whose firm has filed for a Bitcoin ETF with the SEC

Peter Schiff Makes a Strong Case for Gold Against Bitcoin

Intelligence Squared, a global debate forum on YouTube, hosted Peter Schiff and Anthony Scaramucci for a debate on Wednesday. Both the guests dwelled upon the pros and cons of Bitcoin and gold as a store of value.

Before the debate kicked off, viewers were asked to submit their opinions on the assets. Some 26% indicated that they favored the pioneer cryptocurrency, while 38% showed support for gold. The remaining 35% of participants said that they were unable to decide between the two options.

For his part, Scaramucci argued that perceptions about gold’s worth are changing and younger investors prefer technology-based stores of value.

“I do believe the world is moving past gold in terms of a store of value that the largest group of our population will be a part of.”

Additionally, he touted Bitcoin’s permissionless transactions, scarcity, and portability features. Scaramucci also claimed that Bitcoin was superior in terms of security at filtering out fakes and therefore was poised to dethrone gold as the default store of value.

Schiff Asserts Bitcoin and Gold Share No Similarities

Instead of outlining the advantages of gold, Schiff clarified right off the bat that there were no similarities between the traditional store of value and Bitcoin. In fact, he suggested that the comparison itself was part of an elaborate marketing ploy:

“Part of the marketing fraud is to try to portray Bitcoin as gold, gold 2.0, digital gold. I mean Bitcoin itself is always displayed as a coin, and the color is gold, and you put like a “B” on it. But it’s not a coin, it’s just a digital string of numbers.”

Furthermore, Schiff listed out real-world use cases of gold in aeronautics, dentistry, and jewelry to demonstrate the asset’s multifaceted capabilities.

“In 100 years, in a 1,000 years, the gold that I’m storing today can be melted down and used in electronics or used in jewelry, or for whatever new uses have been invented that don’t even exist today.”

Once both Schiff and Scaramucci had wrapped up their arguments, viewers were asked to cast a final vote on the assets. This time, a resounding 51% said that they preferred gold, while 32% sided with Bitcoin. Only 17% of all those who participated were still undecided.

A victorious Schiff poked fun at MicroStrategy CEO Michael Saylor’s refusal for a public debate on the same subject.

Meanwhile, Scaramucci came out of the discussion looking even more bullish on Bitcoin. He advised all the involved members to acquire more knowledge on the matter and stated that the debate encouraged him to invest further in the king crypto.

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