Community post
Peter Schiff is now unknowongly admitting #bitcoin is better than #gold in porta
Peter Schiff is now unknowongly admitting #bitcoin is better than #gold in portability and acceptability by touting "tokenized gold." But he's neglecting that (a) you cannot verify that the gold behind the token is actually pure 24k so you must trust that it is, (b) you must trust that the token is actually backed by it, (c) the gold does not physically move when "transferred" but stays where it is, and (d) whomever physically holds that gold can have it physically locked down or seized.
Gold is great, of course, but has these weaknesses above. He's learning that bitcoin improves upon, or flat out solves, them all.
https://x.com/i/status/2079905594618609884
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Replies (2)
Why does it matter what this guy thinks, he has been more wrong than anyone that has no idea about the market. I think even more.
I actually like a lot of what he says. He just seems to have a mental snag about understanding bitcoin (seems several do, Warren Buffet comes to mind). My guess is that trashing bitcoin is just his shtick, his way to get people talking about him, get in social media (it worked on me!). Jamie Dimon, same thing, I think.