Peter Schiff is well known in libertarian and Austrian economics circles for his outspoken support of free markets and critiques of government interference. He’s also known in Bitcoin circles, but that’s because he’s a vocal critic of Bitcoin and its competition with gold. After a couple of tweets going after Bitcoin and its comparisons to gold, his site, SchiffGold.com, shared a blogpost exploring his arguments in more detail. We go through it to see where Schiff is wrong about Bitcoin but also correct about gold.
Items mentioned
Bitcoin Is a Replacement for Gold? Not So Much – SchiffGold.com
SLP69 Saifedean Ammous – How Governments Could Kill Bitcoin and Bitcoin Scenarios – Stephan Livera Podcast
McFloogle Quick Hit – Gold Failed, Now It’s Time for Bitcoin
The Bitcoin Standard by Saifedean Ammous
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Podcast version
[…] Gold is like the VHS tape of sound money and Bitcoin is the DVD (yes, I know that DVDs have been surpassed but that’s not important for the sake of this discussion). The movement away from the gold standard to a fiat system has proven that gold has some flaws that made the fiat system possible. But that was only a problem once the flaws in gold could be exploited. Much like the VHS tape during its heyday, no one can deny the massive benefits brought forth to society via using gold as money. While we can point to its current flaws, it doesn’t take away from the fact that the gold standard was instrumental in bringing about much of the economic advancement that we enjoy today. […]