Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Schiff Victorious Over Scaramucci In A Debate: Gold vs Bitcoin

Schiff Victorious Over Scaramucci In A Debate: Gold vs Bitcoin

Peter Schiff's and Anthony Scaramucci's debate Gold vs Bitcoin resulted a victory for team Schiff/Gold.

The debate in was hosted by Intelligence Squared and featured a near one-hour-long discussion on whether Bitcoin or gold makes for the better store of value.

Scores before the debate were 26% for Bitcoin, 38% for gold, and the remaining 35% were undecided.

After the debate, the final vote came in at 32% for Bitcoin, 51% for gold, and 17% undecided.

Feeling good about his fresh victory, Schiff playfully called out Michael Saylor on his refusal to debate him live on the same matter.

“I just gotta say one thing. Michael Saylor stop ducking me, I know you’re out there.”

Whereas Scaramucci congratulated Schiff and encouraged everyone involved, including Schiff, to do more homework on the matter. To which Schiff responded that he has done his homework but is still not convinced.

Scaramucci signed off by saying the debate has encouraged him to buy even more Bitcoin.

Scaramucci For Bitcoin

Speaking for Bitcoin, Scaramucci opened by saying it’s possible to “be at intellectual odds with people, but still be friends.”

While he sees a future for gold, Scaramucci referred to younger population cohorts preferring newer, more 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.”

Scaramucci sold the idea of Bitcoin on its revolutionary concept of permissionless transactions. He said before Bitcoin’s arrival, two parties, who may not know each other or even trust each other, had no way of transacting without involving a third party.

And that Bitcoin features easier portability, better security in terms of weeding out fakes, and is more scarce. As such, Scaramucci thinks these factors mean Bitcoin will eventually transcend gold as the primary go-to store of value.

Schiff For Gold

Schiff, on the other hand, took a different approach. Instead of listing the benefits of gold, he opened by saying Bitcoin and gold have “absolutely nothing in common.”

He stated that the “marketing fraud” behind Bitcoin tries to group both Bitcoin and gold as similar things. But he made clear that BTC, as a string of numbers, shares no similarities with gold.

“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.”

Schiff pointed out thst gold has actual use cases, for example, in aeronautics, dentistry, and as jewelry. And what makes it a store of value is that its uses can be stored for usage at some future date.

“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.”

Whereas Bitcoin cannot be a store of value because it has no actual value to store. In other words, there’s nothing that people can do with Bitcoin other than for speculative purposes.

Watch the full debate at Fintechs.fi

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Hungary Ranked Among the World’s Safest Travel Destinations for 2025
G7 Leaders Fail to Reach Consensus on Key Global Issues
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
×