Erik Voorhees, the CEO of Shapeshift downfalls Peter Schiff at the sold-out Bitcoin debate in New York. The debate was hosted by the affable Gene Epstein, the economics editor of Barron’s. The debate features Peter Schiff and Erik Voorhees.

Wearing a light-colored suit, Voorhees argues to be in favor and defending the idea of crypto which finally seizing fiat hegemony. Peter Schiff, in a royal blue outfit with matching yellow tie, finally met his contender to argue that magic internet money beans can be more than just a fashionable bubble.

Mr. Epstein, the host of the debate, provided Voorhees and Schiff a brief instruction about the debate. Voorhees started the debate by reminding them about his tangles with regards to the state’s Bitlicense affair. He argued on four main points: why fiat is bad money, why Bitcoin is good money, why bitcoin will win and why gold is an insufficient one.

Most of the arguments thrown by Voorhees are relating to bitcoin’s immutability, durability, and infinite divisibility. Anticipating the side of Schiff, Mr. Voorhees was keen to object and prove his side about the advantages of bitcoin which includes counterfeit issues and debasement.

Mr. Schiff argued about how the current fiat system which according to him will not work and replacing fiat currency with the digital one is not an improvement. The case he wants to make is gold which his reliable go-to during the debate. He also highlighted the history of gold which has been around for centuries which makes it enough and shows that bitcoin has no match. Schiff even asked his opponent about the odds that bitcoin is the best cryptocurrency being invented.

In the end, he focused on some points: most of the people find comfort in the traditional issued money by the government, the government can outlaw bitcoin, and bitcoin will not be the last crypto standing. Voorhees answer and defends that bitcoin’s utility in areas of cross-border nature, remittances, and the censorship-resistant is all that matters.

Audience polling before the debate had Schiff and Voorhees positions at 40% approval each. The debate was formally ended when Voorhees gained 55% of the audience votes, while his opponent Mr. Schiff dived to just 31%. In the end, the winning Mr. Voorhees and Nic Cary, together with their friends dined with Peter Schiff, and together they were able to approach Schiff to his first bitcoin transaction.