Peter Schiff says this is the only cryptocurrency that makes sense (Pt. 2/2)
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- čas přidán 7. 06. 2024
- Watch part 1 of the interview: • Peter Schiff: Fed is t...
Peter Schiff has been a vocal opponent of Bitcoin, but in an interview with Kitco News on Wednesday, he said there is a form of cryptocurrency that he could potentially support.
The chief market strategist of Euro Pacific Asset Management told Kitco News that a “legitimate” cryptocurrency is a gold-backed token that could replace fiat currencies in utility.
0:00 - Why is Peter Schiff's son invested in Bitcoin?
4:46 - People who have changed their minds on Bitcoin
9:00 - Gold vs. Bitcoin
11:14 - "The only cryptocurrencies that would make sense"
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Watch part 1 of the interview: czcams.com/video/Qdcqj_OKUfQ/video.html
when did this air? I thought this was an older video.
There should be an interview on "whether Bitcoin is a NSA project?". Lynette Zang had told once that NSA was researching on crypto currency back in 1998. If Bitcoin is really a US gov project, its likely there are backdoors in Bitcoin and there will be ways to control it by NSA. Peter should be asked this question and could also be reason why Bitcoin continues to rise.
@Dobie Dad totally agreed..
Part 1's only value was to hear the guest beat his chest and talk about the obvious.
Of course 18y.o. Jr. is all in on spitcoin. If he's correct he cleans up and spits in Daddy's eye. If he's wrong and gets his arse handed to him, well, he's got Daddiebux to fall back on.
I listened to Peter back in 2014 and didn't buy Bitcoin, not doing that mistake again.
yeah.. never listen to these damn rich boomers.. these deniers will one day wake up in 10 years and start baawwwwing and be like "oh no why didnt i buy in 2021?!! "
@@heyjeySigma same here!!!! Took his word for gold. No pun intended.
same here!!!! Took his word for gold. No pun intended.
lol well this aged well. hopefully you sold out. bitcoin is crashing soon
Lol he’s not denying it can’t make you money (dollars) because it clearly can. What’s he’s denying is that it won’t and can’t be made a sustainable medium of exchange. 20 million bitcoins as the last 1 million won’t be mined yet can’t be distributed across near 8 billion people.
Never seen Peter smile so much....I think he likes red dresses.....
He's had facial surgery.
@@marcusd9192 Didn't know that, but even if true, they didn't give him a permanent smile, He's doing it.........
I think I do too.
So true!! 😂😂
he can buy 1000 red dresses 💃🏾 😏
* dude has a bitcoin fund *
schiff: "if you have a bitcoin fund of course you're going to pump bitcoin"
also schiff: * owns a gold fund *
I thought the same thing... I cant take anything Peter says seriously anymore. Maybe he will be right in the end, but not for the reasons he presents.
@@shearitchie998 No. He'll be correct for the EXACT reason he presents. The play he talks about is the correct one; the problem is the timing.
exactly, that's where I lost him too, because he saying they are trying to pump their funds but at the same time in the previous video he did the same thing where they talked about possible dollar collapsing he was promoting his foreign market funds. How do I know now that he is serious or that he is just trying to scare people to buy into his funds?
Facts. I just knew the reporter was about to flip that on him and say "but couldn't we say that you're only promoting gold because you have a vested interest?"
No individual with a gold fund could move the price of gold to any significant degree. It's not the same thing.
Finally another decent moderator, it looked like David was carrying the whole of Kitco for a while!
My nephew threw caution to the wind and bought 15 Bitcoin at 500$ he sold one the other day and bought a 30000$ car and got 20000$ in change he can retire on the other 14 I bought silver at 30$ now it’s worth 24$ sure glad I listened to this so called expert
timing is everything - like walking away from the blackjack table when you're up...
Excellent point.
Peter Schiff has a massive blind spot when it comes to cryptos. He'll go down as one of the biggest morons in history because of his Bitcoin hate. It seems every knows this except for him.
@@incipidsigninsetup the future regarding cryptos, like with many things, is unknown other than this, a small percentage will take the lion's share of value.
Your nephew owns just under a million in bitcoin
That’s nowhere near enough for him to “retire”
Good vid. Schiff is always on point.
I loved that interview !:)
Peter Schiff's son is covering the position in bitcoin and cryptos that Peter didn't take. Especially, if Peter is willing his gold to his kids. 🤔
Yup
Nailed it.
Nailed. It.
Not a bad plan.
golly sir, you're smart.
who ever imagined father and son working together on the family business?
the cultural destruction of the nuclear family all makes just a little more sense now...
The name of the crypto backed by Gold is PAXG, and it's fully audited
You have to trust the auditors to verify.. With btc you can verify yourself. Trusting other people with your money is the reason we're in such a mess.
I don't trust people, so I don't trust auditors
I have figure out why PAXG is better than Sprott or GoldMoney but it looks like PAXG has potential at least. Seems like PAXG only delivers physical to certain London-based vaults.
When you hold PAXG you're given serial number and location of your bars even
Kinesis is also backed by physical Gold and Silver 1:1 plus there are no storage fees and it pays you a portion of all the transaction fees from the system.
Peters son can not Loose. Even if he fails DAD will bail him out .Why wouldn't he ?
Because he's a hard-line libertarian? You lost your money, well... you live and you learn.
both hate fiat... why do they need to bail each other out? Both are brilliant lmao.
Peter said he wouldnt bail out his son, he said the only way for his son to learn a lesson would be to suffer the consequences of his mistakes
@@eJuniorA2 The difference between people who knows economics at the core vs amateur economist lol. Bitcoin is hot now so I don't think its failing anytime soon. The only Peter's son need to do is to time it right when to exit and I think he will get help from his dad on that department. At least, I think until the market collapse, bitcoin still on the hot trend. I myself don't like bitcoin at this price. Maybe I ll get some when market collapse lol
😆good one 👍
Brilliant interviewer. Peter doesn't let too many interviewers cross examine his views like this. He must have a lot of respect for Michelle.
Great and meaningful interview- TY Michelle! Please host the faceoff between Peter and Mark Cuban- LOL.
Omg she makes Peter GLOW with happiness, I've never seen him do that.
That's cause she's hot...
I wonder why Peter Schiff with 70mil net worth is acting like he's bigger than wall street and Billionaires :S
@@galacticaldread7234 He must have additional coin in the swiss Bank 🏦
She’s also well informed, asks good questions and encourages her guests to ‘talk’ freely about their subject. And he’s probably pleased that she’s not talking all over him.
She's is one of the most beutiful women on the planet and he's a man.
I'm waiting for digital tulip bulbs to go all in.
I'll nft a picture of tulips for you....lol
If you think he is not secretly buying up bitcoin while trashing it to keep the price down you are not paying attention. These people arent rich because they share their secrets, they are rich because they dont. Kevin OLeary in Canada has trashed bitcoin for years and now has admitted to buying it up the whole time. Real gold is a dinosaur, its only use in a few decades will be jewelry. Its a digital world now, his son will save him from himself.
When you find out he has it, and the price is too high for you to get in, you will understand how these people operate. They are vicious animals when it comes to wealth, you think they will share their biggest moves with you?
@@abraxas511 but still an assumption. Unless there is evidence for it. Anyway good thoughts on that.
@@abraxas511 I doubt it. He bad-mouths the Fed and its policies to no end. You think secretly he loves the Fed? Lol. He could have already bought all the BTC he wants a long time ago, why talk the price down now?
It's about time Peter started getting some respect.
Disrespect 😂😂😂😂
He’s a carpetbagger
Fun to watch... thanks Peter
It must be said, looking pretty good sir!
I love this host, because she is so loud that can make even Peter to shut up and be able to ask a question :)) seriously, she is good, giving enough time to answer and persistent enough to ask a question
And also looks beautiful.
Crypto currency
GOLD ALL THE WAY.
Talks over the guest to much. Love David but I agree...much better looking....LOL
Hahaha. I thought just the same!!! 😂😅🤣
If Peters son has never had a job...he must get a BIG allowance.
Given that he's 18 he might have met a 'real' job. He could be earning money doing something like mowing grass.
This was a really great interview. Part 1 and 2. Great interviewer.
Nice hedge... son buys with father’s money in case bitcoin works out 👏🏼
Haha... 😆 lol
Lol. True. Peter couldn't come out and buy bitcoin because it would hurt his gold company
I actually didn’t think of this. But now that you said it, i feel that this is quite accurate. I mean, after all, dad said the kid didn’t even have (a job) any work experience. Still in school.
This is why I don't tell family and friends to get into Bitcoin (too hard)...if it works out the gains'll hit their bank.
Yea and if it fails he can put the blame offf himself
It makes sense for his son to go all in on Bitcoin just because he’s still young and risk factor is in his favor
And because his son does not have to worry about not paying rent if his investments go wrong.
fiat currency is probably riskier than bitcoin in the long run
Exactly right.
This is really dumb logic
Peter schiff was right, FTX scam! Lol he was right 😆 Now the nay-sayer look STUUUUPID WITH EGG ON THIER FACE!
Ingenious comeback Peter on being pressed about which crypto you would back... any that's backed by GOLD!!! Love it... you could tell she didn't like that answer and was visibly frustrated! Great line too that Bitcoin is fiat crypto... you said all the right stuff!!!
A gold backed crypto would have to rely on a centralized entity to collect the gold and create tokens 1:1. Complete opposite of decentralization. He misses the point entirely.
You dont need a centralized entity. There can be many certified and independently audited vaults everywere or individuals can act as little banks for family members all bound by contracts that get enforced physically for breach of contract. A centralized entity that is solely responsible for the Money or currency is always shit.
@@BraunBuxe but with gold counterfeit gold and lying is always possible when humans are involved. Bitcoin is secured by a protocol so no human error or greed involved there. This is why bitcoin is superior technology.
It's like people arguing that sending letters is better for communication than sending an email or a chat message.
NEVER INVOLVE PEOPLE AND RATHER AUTOMATE PROCESSES TO MAKE THE PROCESS MORE EFFICIENT AND SECURE
@16vjtdalfa yeah but in the long run only a certain few crypto would survive
@16vjtdalfa starting another crypto isn't the same. You can start 1000 Bitcoin clones but it still won't be the Bitcoin. Neither can you edit it. It's secured by cryptography.
Having a gold backed Coin requires a legal entity or some sort of enforcement to make sure coins aren't fake. There are the same amount of gold for coins available.
And for there to be Multiple exchanges where gold is held? How do you know someone there won't steal it all? Or have true accounting. ?
Bitcoin is valuable because it's all digital and secured with cryptography.
Something you can really do for gold without a 3rd party to enforce the rules.
@@BraunBuxe Not good enough. Auditors and vaults can be in bed with each other and theres still would need to be a centralized entity that the auditors report to that would issue the coins. Remind how those bundled junk mortgage backed securities were rated triple A back in the GFC of 2008. It would just be more of the same. There are far too many points of failure and corruption.
Well I'm 47, I had several jobs and/or businesses, have wife and kids, and 99.7% of my money is into Bitcoin. I did it slowly since Mid end 2018. Dollar cost averaged and finished going all in in september 2020.good timing for sure. I have to say I don't regret my decision and I don't feel like a fool, actually this is the safest bet I could Make
Have you realised any of those gains?
@@danb1618 i may take some Btc out of the table /scale out at the top of the rally between 100 k and 320 k or more(by 2021) and rebuy back at a lower price .im not interested in fiat currencies. I also have only btc so some I'm obliged to spend. I'm convinced it will be worth millions in max 5 years/10 yrs from now.
@@purefreedom282 Yeah no harm pivoting a portion into bonafide non-cash assets like real estate or gold/silver. I agree BTC will hit those prices though
Get out while theres still time buddy. Ponzi is soon coming to its end.
Seriously, well done @Pure Freedom. But time to de-risk take either the capital or the gain and bank it or stick it in property. And let the rest run, then ‘If’ it tanks you’ve lost nothing.
Hey you must be diversified to protect your investments. Hard assets, physical gold and silver, real estate, etc.
Great interview.. 👍👍👍
Cardano is where it’s at
Time for Peter to learn about GSX.
The prices of most altcoins depend on the current market price of Bitcoin. It is vital to understand that Bitcoin is relative to fiat currencies and is quite volatile.
Dad and son tag teaming. Good way to hedge.
Lol exactly. Son all in bitcoin, dad all in gold. Win win.
Exactly. Peter is in it with him.
Tag teaming that red dress
see this is the problem with the world atm.. everyone's listening to the children on twatter, who have no life experience except for you tube..
but, but, but it's on the internet it has to be true. I'll never forget when one of my kids said that. Major reawakening to drive out the Public schooling and dumb butt peers pressure.
And this is the problem that your not willing to see younger generation who understands technology more than you. I made millions on the technology they creates the space for it. Why don’t you get it that it’s about piping ? Being ignorant and arrogant at same time is .....idk.
Thanks peter
This interviewer is excellent! Real brains!
I tuned in just for the Kitco hottie. keep up the good work kitco.
The only sexy story on this show is the damn Host ! Good lord age like 🍷
that is the second comment I saw about that. I don't see it, she looks fine but it's like you guys have never seen a middle age housewife before. Most look like her.
Looser simp
@@zeusvalentine Lmaoo owned
@@zeusvalentine go to your eye doctor NOW. You obviously are nearing blindness and cannot visually detect super hot women.
Its a Trap....get some Silver ,)))
no way I found your comment on this ^^
I'm starting to believe silver is rigged.. not enough movement throughout this whole ordeal
@@vasarian
It is rigged, but that rigging will soon break.
Silver should be 1/8th to 1/4th the value of gold.
So if gold is worth $2k, silver should be worth $500 to $250.
You mean the market that JPMorgan was literally fined for manipulating for 10+ years?
I believe in gold and silver .
Let's start at the beginning, time for Peter to learn about AOL
Happy Nowruz btw Michelle
Great interview Peter seemed very relaxed.
For once...its the host
Im angry my self for not doing the same last year summer😖
still lots of gains to be made.
😂
Quick!!!! Panic buy!!!!
Is Peter talking about DCEP?
I think this was a wonderful interview, I have no idea why there are negative comments about the interviewer.
There is already a digital unit of gold - Aurus or AWG, a gold backed token pegged against the price of gold. Approved bullion dealers will supply
Thanks for the info. Looks interesting.
Who cares if these guys flop. I was a skeptic for years until I learned about the tech. They are just being smart and changing with the times.
would like to know how this tech add values
@@calvin6429 A lot of people don't care. It's been going up.
Watching a Peter Schiff interview is always informative and interesting. This was no exception. I did find it interesting that he turned the normal use of the word "capitulation" on its head to basically make it synonymous with the now commonly used acronym "FOMO" or fear of missing out. Ironic, but whether you agree with this argument or not, it makes perfect sense. Good stuff. Always a good idea to learn about the bigger picture of the bitcoin/crypto space. Keep up the great programming Kitco.
He has an interesting perspective but it's ashame he's too narrow minded to see the applications in crypto
So if BC has any value u should b able to cash out for gold or cash at anytime right ?
If you hold BTC or ETH:
Re: Spencer. I didn't read the Decline and Fall of the Roman Empire, but I believe that the failure to value the wisdom that comes with age is a hallmark of our own currently-declining western civilization
Sorry to butt in. But you should learn about history. The decline of the dominant nation is actually caused by the increase in self interest of the population/government , defensive stance rather than aggressive and the feminisation of the males/ culture.
Not to insult. Rather I think its an interesting topic that is worth reading into.
Makes sense why they would design a virus and implement procedures which facilitate the death of the elderly then.
Rome never fell
@@caturdaynight6399 it would make sense from an economic perspective. The elderly cost governments an insane amount of money compaired to younger.
Knowing a lot of developed countries have a rapidly aging population. I wouldn't be surprised if one of them fancied all the old people gone.
When she said "If you'd like you and Mark Cuban can hash it out, we'd host" I don't know why I was thinking a MMA match
Peter will clearly win with his economic mixed martial arts. 😅
I got money on markey mark. He ain’t a Whiney B
There are already gold backed cryptos: Pax Gold and Tether Gold. You can earn interest on them too.
ขอบคุณครับ.ป๋า.รักษาสุขภาพน้ะครับ
As a crypto bull (for the long term) I love Peter Schiff's commentary - come on guys, listen to a smart commentator on the anti crypto case
A smart commentator with zero knowledge on the subject. When did he discuss technology or usecases?
His son is actively blasting him without even appearing on Kitco
P U N K
New host is good! But did something happen to David?
- Happy belated birthday!
- Okay.
Compliments of a bullish season lol!! Most people don't understand the concept of "buying the dip" Buying the dip is all about buying digital assets when there prices are down and selling off when the price rises
If you believe in the future then bitcoin is the present and the future of the financial institution
Mr Henry Fuller is the best trader I have ever seen..
omg look at those big, beautiful, angled eyes. I'm in love. I'm not talking about Peter.
Those are big and beautiful, her eyes are nice too
Beta
Don't be a simp. She's like 40 years old
if you hold BTC or ETH and CRYPTO
@@judge831 what's wrong with 40yo women?? 🤨
You also have to consider that people selling Gold also make money off the transaction. In the end you need something that you can hold.
Right and now Fidelity is applying for an ETF for the stock market ... ARK, PayPal , Tesla, J.P.Morgan, are a few ... digital gold exists already
Why the debate - Own Both ! (Peter sounds a bit like General Motors when Tesla were starting out).
finally a intelligent comment
Omi no doubt
Awesome!
Why did you ask Peter his thoughts on Vaultchain & Kinesis money?
Also I like Peter then have listen to him for years
But Isn’t he staking his entire reputation that bitcoin isn’t going to be successful long term?
Yes, but only his reputation. He's got his kid buying BTC to secure his legacy.
WHY CENTRAL BANKS HOLDEN MORE GOLD THAN EVER BEFORE
Some kids have to learn the hard way 🤣😂
Isn’t PSLV backed by physical silver ?
Fair play to him and his son good to see family can go different ways and still be cool 😎
Wisdom... whether people are all in or out never put 100% in anything or anyone.😉
Truth! Except Jesus our Lord and savior 🙏
That’s why polyamory is best 🤣
More so, when it is a Ponzi, and not even an asset.
If one investment is way better than all the others, it doesn't really make sense to own the others.
So if someone is 80% gold and 20% silver, does that count as two assets or one?
I followed Peter 100% lol....
Spot on
In the end schiff is like all of them, he will go where the money is.
If that were true he would have already done it. Of all the people he is well versed and had the chance to do it.
I agree with Peter on bitcoin it is a complete scam. Don’t drink the cool aid on the largest bubble ever.
@@TonyL-gw4qx Please explain how Bitcoin is a scam.
CENTRAL BANKS Accumulating GOLD... I wonder why?? ..lol..
Only credit I give to Peter is that he raised his son to think LOGICALLY and RATIONALLY through first principles, kudos to the kid
Didnt David Morgan have a 1 to 1 silver backed crypto?
GSX is a crypto hitting the market soon. It’s backed by mines and precious metals.
LOL. Thousands of the best minds in finance can "see it". Maybe one day you will.
How about the Perth Mint Gold Token as a solution? I was expecting Peter Schiff to mention it. PMGT is a fungible digital token backed by gold, certified by the WA government. Very simply, it uses a public Blockchain network to transfer digital certificates.
Perth defaulted on silver
@@quant2011 Maybe, but that has nothing to do with the gold token. Different metal. Was the silver default a breach of contract or only a closed sales window?
Thanks Chris- I will look into that
Welcome Michelle! Crush your new gig!
Scam
Every bitcoin investor right now is just smiling at the price of bitcoin as it held strong and indeed valuable enough to generating good ROI. More persons are gonna become millionaires and we have bitcoin thanks for that
I agree on your opinion man, generally I always look out for it to dumb so I can purchase some more truly I believe it has come to stay
What's really the idea behind this bitcoin investment anyway, because all I do is buy when it falls and sell when it goes high
@@annabelsmith865 smart it’s just speculative that the best way to go
Son is 18, longtime to recover. Why not?You got my back,right Dad?
He doesn't ever have to worry about not being able to pay his bills.
LOL you are right he doesn’t have your years... which gets in your way!
If you know something will happen, you don't Diversify! For example if know the winning lottery numbers you just buy those numbers.
Peter looks 15 year younger👍
It really is hilarious that people actually believe that this 18 year old has as much experience as his father...
so much love in the air
Good interview. ... 11:19 Is there anything that can make Peter Schiff flip? I think the interview made him flip!
Give it 8 years, Peter. One of you will have to apologize.
dude looking sharp at 58!
that happens when you've never actually worked a day in your life
🤣🤣🤣🤣🤣
Dude couldn't hammer a nail if his life depended on it. I'm talking about actual work, not gum service and institutional theft.
WONDERFUL
But just as with cars, once useful car was affordable it took an s curve and was adopted by the world as a means of transportation.
AABB You’re all Welcome !!!
He grew more technically inclined than his father it's that simple..
~🅦︎•🅗︎•🅐︎•🅣︎•🅢︎•🅐︎•🅟︎•🅟︎
+1*4*2*5*5*5*1*7*8*3*9*•••••
𝕚.𝕟.𝕧.𝕖.𝕤.𝕥.𝕚.𝕟ℂ.𝕣.𝕪.𝕡..𝕥.𝕠...𝔹.𝕋.ℂ𝔼.𝕋.ℍ~•••••••••••.
Can you guys have someone on to speak about Litecoin
etherium as much more utilitie then btc on the long term every compagnie will have a bock chain running on it or ada
Peter $paxg is the crypto currency that you’ve talked about. Backed by actual gold
Backed by not jack shit
A gold-backed crypto is an oxymoron. Somebody else is holding that gold and it's not you. So you are back to square one.
That would just make it a stable coin for everyday buying and selling. It's not an investment. Bitcoin is a store of value and Defi is the next disruption to world economy. Surely he gets this?
PAXG has been around a while, somebody tell Schiff.
It’s more likely to be digital tulips than digital gold.
Still think that?