Max Keiser vs. Peter Schiff - The Bitcoin vs. Gold Debate

[allthingsluxury]

Peter Schiff and Max Keiser debate Gold vs. Bitcoin at the Nexus Conference in Aspen, Colorado September 22nd 2017.

Which is better, Bitcoin or Gold and are they even comparable?

Personally, I am in the camp that believes BOTH gold and Bitcoin play an important role in any portfolio.


Click here to watch this video:

https://schiffblog.blogspot.ca/2017/10/max-keiser-vs-peter-schiff-bitcoin-vs.html

[Seansky]

Peter Schiff and Max Keiser debate Gold vs. Bitcoin at the Nexus Conference in Aspen, Colorado September 22nd 2017.

Which is better, Bitcoin or Gold and are they even comparable?

Personally, I am in the camp that believes BOTH gold and Bitcoin play an important role in any portfolio.


Click here to watch this video:

https://schiffblog.blogspot.ca/2017/10/max-keiser-vs-peter-schiff-bitcoin-vs.html

Having both in portfolio is good because gold plays a critical role as a safe haven of one's money and bitcoin plays a critical role as a fast profit giver in one's portfolio. Having both is better than only holding one of them because having an asset in form of digital currency bitcoin and in the form of physical asset gold somehow makes one's own fund to give them sure profit in the future. Bitcoin and gold somehow are the respective king on their own domain and neither is better than the other.

[Xavofat]

bitcoin plays a critical role as a fast profit giver

A fast profit giver or a fast value loser, depending on what it feels like doing that hour.  If the purpose of some part of a portfolio was a "fast profit giver" all money would be in it and then it would no longer be profitable any more.  What you should be saying is that it's high risk, high reward.

Which is better, Bitcoin or Gold and are they even comparable?

Gold has the drawback of being moderately inconvenient to spend and use as money in everyday life.  Fiat has the drawback of potentially having broken promises because it is controlled by governments (broken promises like the gold standard).

BTC solves the problem of government control and third parties in digital money, thus creating a monetary system which is both scarce like gold and a currency like fiat.  The only problem is that without universal acceptance, this monetary system doesn't work, and BTC is too early in development to be at all practical for this purpose.

[Pearls Before Swine]

Err...I'd say crypto probably plays a more important role in a  portfolio
than gold.  Gold will do absolutely nothing for decades on end, and
if you're looking to grow your money, bitcoin is the way to go.  Hands
down.

These two guys are successful, but they're both in love with precious
metals, even if Keiser is now aboard the bitcoin bandwagon.  Everything
they say should be viewed in that light.

[Hydrogen]

In this day and age where convenience and fast transactions reign supreme, precious metals lack the type of rapid deployment, lightning transaction model which might allow it to be competitive with credit cards, paypal or bitcoin.

Gold needs a reboot. Some type of update that will allow someone to buy goods/services electronically with the convenience of a click of a mouse button. Carrying a 0.5 kilogram gold nugget and using that to buy things probably won't work out well. Ditto with storing 3 kilograms of gold in your home in case of emergency.

Precious metals need more applications and utilities which would give them more real world application. The majority of people wouldn't know what to do with 5 pounds of gold if it fell out of the sky and landed in the street in front of them. There's no real application or utility to increase the demand and volume of precious metals, which would in turn boost their price.

[jseverson]

Why do they even need to be compared? One does not have to be better than the other. Gold has been around for millenniums, and Bitcoin was never meant to emulate it to any degree.

There are a lot of factors in play. Gold, obviously, is much much more stable, given the fact that it has been around for nearly as long as humanity, making it a perfect storage of value. It has inherent value and that same value is recognized by just about every single person in the world. Bitcoin, on the other hand, is volatile, but is continuously growing, making it much better suited for investment. Currently, not everyone is aware of it, not everyone believes in it, and not everyone would accept it, but it has the advantage of being capable of being transferred electronically. They cater to different needs.

They're both going to be around for a long ass while, and are not in direct competition with each other.

[allthingsluxury]

Why do they even need to be compared? One does not have to be better than the other. Gold has been around for millenniums, and Bitcoin was never meant to emulate it to any degree.

There are a lot of factors in play. Gold, obviously, is much much more stable, given the fact that it has been around for nearly as long as humanity, making it a perfect storage of value. It has inherent value and that same value is recognized by just about every single person in the world. Bitcoin, on the other hand, is volatile, but is continuously growing, making it much better suited for investment. Currently, not everyone is aware of it, not everyone believes in it, and not everyone would accept it, but it has the advantage of being capable of being transferred electronically. They cater to different needs.

They're both going to be around for a long ass while, and are not in direct competition with each other.

I agree.

[buwaytress]

Interesting quote from Keiser: fiat and bonds are in a bubble. They've never been so high in their hundred years history.
Typical quote from Schiff: using it (fiat notes) to buy Bitcoin is the same as ripping it up and throwing it on the floor.

The most obvious comparison to me is that gold is recognised and accepted everywhere as precious metal. Keypoint precious. It is scarce, physical and has long-term (decades, years, not months) value that is almost certain not to depreciate much, almost certain to appreciate. It is used chiefly as a hedge against volatility.

Bitcoin is digital, not yet scarce. Having been around less than 10 years, one can only speculate about its long-term viability as a commodity, never mind its original purpose as a currency.

They can be put to comparsion, but they are not comparable. Gold has outlived its original purpose as currency. Perhaps Bitcoin will do the same.